In April, global gold reserves saw an increase of 33 tonnes, as reported by the World Gold Council. The Central Bank of Turkey led the way with an addition of 8 tonnes, continuing its trend of purchasing gold for the 11th consecutive month. This brings the bank’s total acquisitions for the year to 38 tonnes, increasing its official gold reserves to 578 tonnes.
Joining Turkey in bolstering their gold reserves were the National Bank of Kazakhstan and the Reserve Bank of India (RBI), each adding six tonnes. However, the People’s Bank of China (PBOC) experienced a notable slowdown, with an increase of less than two tonnes, marking its smallest monthly gain since November 2022.
Furthermore, March’s reported net purchases were adjusted downward to three tonnes after news of a 12-tonne sale by the Central Bank of the Philippines emerged. Rising gold prices in March prompted four banks to increase their sales, indicating a response to shifting market dynamics.
