There has been no slow down in central bank demand for gold, with several nations further increasing their stockpiles over the course of the last few months. New data from the World Gold Council confirms that the global buying spree continued apace during Q3, cementing a trend that began late last year.
Poland is emerging as one of the front runners, with an additional 18 tonnes of gold added to its vaults during the month of August. This heavyweight addition means the eastern European country has added around 88 tonnes to its reserves in 2023 alone, bringing its total holdings to an estimated 317 tonnes.
Neighbouring Czech Republic has also continued its buying spree for the sixth successive month. Purchases made in August mean the Czech National Bank has now grown its gold reserves by 94% so far this year.
The Reserve Bank of India was also amongst those making purchases, with its two-tonne purchase in August lifting its total gold reserves to around 800 tonnes.
The World Gold Council says the level of demand exhibited in 2023 is something that investors should be paying attention too. The World Gold Council’s senior market analyst, Krishan Gopaul explained, “Following the release of our latest Gold Demand Trends report, it’s undeniable that strength of central bank gold demand remains headline news. As such, we think this is a sector gold observers should continue to pay attention to.”
We have previously heard from analysts who say that the wise course of action is to do as central banks do and buy gold when they do. With that being the case, you can’t afford not to take action. Buy now.
