The latest data from the World Gold Council confirms that central banks are once again bullish on gold, with a position as net buyers cemented for June after a brief spell of net sales.
Net purchases increased sharply in June, with 55t added to central bank vaults through the month. Poland was one of the largest buyers, with its national bank securing an additional 14t of the precious metal in its vaults through the month.
Turkey another one of the largest bulk acquisitions of gold, adding 11t back to its holding after selling reserves to meet demand in May. 29% of the bank’s total reserves are now in gold following June’s buying spree.
The People’s Bank of China overshadowed both Turkey and Poland’s sizeable acquisitions by some margin however, with 21t of gold added to its reserves in June. That figure means the Chinese central bank has purchased a notable 103t of gold so far in 2023. A raft of other nations, including Qatar, India, and the Czech Republic also added a minimum of 1t each to their own holdings, with Uzbekistan acquiring 8t.
As we have previously reported, gold analysts typically advice investors to follow central bank activity when it comes to buying gold – meaning you should be adding the precious metal to your portfolio now.
Don’t delay. Buy gold today.
