Mon Jan 06 16:58:19 UTC 2025: ## Central Banks Gobble Up Gold in November 2024, RBI Adds 8 Tonnes
**Mumbai, January 6, 2025** – Central banks worldwide significantly boosted their gold reserves in November 2024, adding a collective 53 tonnes, according to a new report from the World Gold Council (WGC). This continues a trend seen throughout 2024, with emerging market central banks leading the charge, driven by a desire for stable assets amid global economic uncertainty.
The Reserve Bank of India (RBI) contributed 8 tonnes to this surge, maintaining its buying streak and bringing its 2024 total to 73 tonnes. This elevates India’s gold holdings to 876 tonnes, solidifying its position as the second-largest buyer of gold in 2024, behind Poland.
Poland’s National Bank of Poland (NBP) significantly increased its reserves by 21 tonnes in November, accumulating 90 tonnes for the year, bringing its total holdings to 448 tonnes. Other notable buyers included the Central Bank of Uzbekistan (9 tonnes), the National Bank of Kazakhstan (5 tonnes), and the People’s Bank of China (5 tonnes), ending a six-month pause in purchases. The Central Banks of Jordan, Turkiye, and Ghana also reported increases in their gold reserves.
Conversely, the Monetary Authority of Singapore was the largest seller in November, decreasing its holdings by 5 tonnes.
The WGC suggests that the dip in gold prices following the US election may have incentivized some central banks to increase their purchases. The report highlights the ongoing global interest in gold as a safe haven asset in uncertain economic times.
First Piper 