Central banks around the world have significantly increased their gold purchases amid ongoing geopolitical tensions. This global rush to bolster gold reserves has led to intense competition among nations. During the April-June 2024 period, the Reserve Bank of India (RBI) achieved a top ranking in gold acquisitions, alongside other leading central banks.
Central banks purchased 483 tonnes of gold in the first half of this year, setting a new record. This marks a 5% increase compared to the 460 tonnes bought during the same period in 2023.
In the first half of 2024, central banks globally purchased 183 tonnes of gold in the second quarter, a 6% increase from the 172 tonnes bought in the April-June period. Previously, central banks had acquired 300 tonnes of gold in the January-March quarter. The RBI was the top buyer during this period.
According to gold procurement data, the National Bank of Poland and the Reserve Bank of India jointly led the list in the second quarter of the year, each purchasing 19 tonnes of gold. The Central Bank of Turkey ranked third with 15 tonnes of gold bought during this period, contributing to a total of 45 tonnes acquired in the first six months of the year. Additionally, central banks from Jordan, Qatar, Russia, Uzbekistan, Kyrgyzstan, Iraq, and the Czech Republic also made significant gold purchases in the second quarter. Meanwhile, the central bank of China has reduced its gold purchases.