Global Official Gold Reserves Surge by 290 Net Tonnes in Q1 2024

Jul 23, 2024, 11:47 AM

Global official gold reserves have increased by 290 net tonnes in the first quarter of 2024, the highest since 2000, according to the World Gold Council. This figure is 69% higher than the five-year quarterly average of 171 metric tonnes. The People’s Bank of China and other central banks have been diversifying their foreign exchange reserves away from the USD, contributing to this increase. Gold prices are hovering around all-time highs, and the rate-cutting cycle has not yet started. Since mid-2022, global central bank gold purchases have tripled. In Q1 2024, gold accounted for approximately 5% of global central bank reserves.