Mapping central banks’ demand for the precious metal this year
AS GOLD topped $2 500 per troy ounce for the first time in history this August, it pushed the price of the large, 400-ounce gold bars to $1 million.
The expectations for rate cuts by the US Federal Reserve, however, helped propel the price to new record highs during mid-September—despite the decision of China’s Central Bank to curb its buying for the second month in a row.
Driven by the economic and geopolitical uncertainty of the past few years, the price of the precious metal has been largely on the rise, with just one notable dip in the summer of 2022.
Beyond the increased demand for safe-haven assets, there has been a surge in Chinese interest in bullion over the past year and a half, and central banks have been increasing their reserves of the low-credit-risk, highly liquid commodity.
This prompted the team at BestBrokers to track nations’ gold purchases since the beginning of the year and see who has been building their reserves—as well as who has been benefitting from the rise in gold prices.
We analysed monthly and quarterly data on central banks’ gold reserves from the World Gold Council and identified those countries that bought the most gold since December last year. We also singled out the countries that eliminated the most …
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