Official announcements from the People's Bank of China or reports from reputable financial news sources

World Gold Reserves Reach 1,170 Million Ounces; China Buys 160,000 Ounces, Totaling 72.96 Million

Dec 17, 2024, 12:50 PM

As of December 2024, official world gold reserves have reached 1,170 million fine troy ounces, surpassing levels seen prior to the U.S. abandoning the gold standard in 1971. This significant accumulation is largely attributed to central banks, particularly in emerging markets, which remain 'underweight' in gold and are expected to continue purchasing regardless of price fluctuations. Since the financial crisis of 2008, central banks have repurchased 76% of the gold they sold between 1965 and 2008, bringing total reserves within 5% of the all-time high recorded in 1965. Notably, China's gold reserves increased by 160,000 fine troy ounces in November 2024, reaching a record 72.96 million fine troy ounces, marking its first purchase since April. Since October 2022, China has added over 10 million fine troy ounces to its reserves, reflecting a broader trend among non-Western nations to intensify gold holdings as a foundational element of a new monetary system.