Fri Dec 06 14:40:00 UTC 2024: ## Central Banks Globally Rush to Buy Gold, RBI Leads the Charge
**Hyderabad, [Date]:** Central banks worldwide are significantly increasing their gold reserves, with record-breaking purchases in October. The World Gold Council (WGC) reported a net purchase of 60 tonnes of gold by central banks last month—the highest monthly total this year. This surge in demand marks a dramatic reversal from earlier in the year.
Leading the pack is the Reserve Bank of India (RBI), which alone purchased 27 tonnes of gold in October. Turkey and Poland followed with 17 and 8 tonnes respectively. Even Kazakhstan’s National Bank, a seller for the past five months, switched to net purchases last month.
For the year to date, central banks have collectively bought 694 tonnes of gold. The RBI’s acquisitions account for a significant portion of this, totaling 77 tonnes. Turkey and Poland also made substantial purchases, accumulating 72 and 69 tonnes respectively.
The renewed appetite for gold is seen as a strategic move to mitigate risks associated with geopolitical instability (such as the ongoing war in Ukraine), high inflation, and other economic uncertainties. Financial experts believe this is a risk-averse approach by central banks to bolster their reserves.
With the current price of gold hovering around $2650 per ounce, predictions suggest it could reach $3000 per ounce by next year. The combined demand from central banks and consumers is expected to keep prices high. Financial services firm Citi forecasts the price to reach $3000 per ounce by June or July 2024.
First Piper 