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Global Central Banks Set Record with 483 Tonnes of Gold Purchases in H1 2024, 183 Tonnes in Q2
Sep 3, 2024, 11:01 AM
Global central banks have significantly increased their gold purchases, reaching a record 483 tonnes in the first half of 2024. This marks a 5% rise from the previous record of 460 tonnes in the first half of 2023. In Q2 2024, central banks bought 183 tonnes of gold. The increase in gold reserves is largely driven by geopolitical tensions and the metal's role as a hedge against the dollar. Russia and China have been leading this trend, each adding over 1,000 tonnes since 2013. In July 2024 alone, central banks added a net 37 tonnes to their official reserves, representing a 206% month-over-month increase. Despite the price rise, India is also expected to rise into a top-5 position globally due to seasonal demands.
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