The latest data from the World Gold Council confirms a continuing demand for gold by central banks worldwide.
The figures show that China was again at the forefront of the rush for bullion in February, with The People’s Bank of China adding a further 12t to its vaults in the second month of the year. This is the 16th consecutive month of purchases, and sees the total bullion owed topping 2,257t.
The National Bank of Kazakhstan, the Reserve Bank of India, and the Central Bank of Turkey each made notable purchases, with six, six and four tonnes respectively. Smaller purchases were also made by other regular buyers, including The Qatar Central Bank and Czech National Bank – the latter’s two tonne acquisition in February means gold holdings have now grown by 183% in the last year.
While smaller acquisitions than in previous months, the pace of central bank purchasing continues at a brisk rate. The World Gold Council noted, “The year has got off to a healthy start and the broad trend of gold buying remains intact.”
Analysts urge investors to do as the central banks do when it comes to gold, meaning now is a moment to buy.
