6 Central Banks Increased Gold Reserves in 2020
Channel: The Survival Economist
Date: 2021-01-13

6 Central Banks Increased Gold Reserves in 2020
Six central banks added gold to their reserves in November. Purchases totaled 16.8 tons, consistent with the level of purchases in both August and September.

On net, central banks were sellers globally in November, thanks to a large decrease in reserves by the Turkish central bank, according to the latest data reported by the World Gold Council.

Gold-buying by central banks has slowed from the record pace we saw in 2018 and 2019, but many countries continue to load up on the yellow metal.

The biggest gold buyer in November was Uzbekistan. The Uzbek central bank added 8.4 tons of gold to its reserves, matching its purchases in both September and October. The Uzbek central bank has been extremely active in the gold market in recent months. It sold 32 tons of gold in August as the country ramped up gold exports to generate additional income to cope with the COVID-19 pandemic.

Qatar (3.1 tons) and India (2.8 tons) were the other two big buyers in November.

Qatar has added to its gold reserves in each of the last six months.

In August, there were reports that the board of the Reserve Bank of India (RBI) was considering significantly raising its gold reserves. It was not a buyer in September, but made purchases in both October and November.


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