RBI second-largest gold buyer in 2024, added 73-tons to reserves
What's the story
The Reserve Bank of India (RBI) has become the world's second-largest central bank gold buyer, a report by the World Gold Council (WGC) said.
In November 2024 alone, RBI bought eight tons of gold, taking advantage of a dip in prices after Donald Trump's victory in the US presidential elections.
The purchase was part of an ongoing trend throughout 2024.
Accumulation details
RBI's gold reserves reach 876 tons
From January to November 2024, RBI accumulated 73 tons of gold. This massive acquisition made it the second-largest buyer after the National Bank of Poland (NBP).
As of November-end, RBI's total gold reserves were estimated at a whopping 876 tons.
The NBP also increased its gold reserves by purchasing another 21 tons in November, taking its total reserve to 448 tons.
Global trends
China and Uzbekistan resume gold purchases
Notably, in November, the People's Bank of China (PBoC) resumed its gold buying after a six-month hiatus, adding five tons to its reserves. This took its total gold holdings to 2,264 tons.
The Central Bank of Uzbekistan also resumed purchasing after three months, acquiring nine tons in November and taking its total holdings to 382 tons.
Market shifts
Kazakhstan turns net buyer, Singapore reduces reserves
The National Bank of Kazakhstan added five tons to its gold holdings for the second consecutive month. The move shifted its position to a net buyer for the first time in 2024, with total holdings at 295 tons.
Meanwhile, the Monetary Authority of Singapore cut its reserves by five tons in November, bringing its overall gold holdings down to 223 tons.
Diverse strategies
Jordan, Turkey, and Ghana increase gold purchases
The Central Bank of Jordan added to its gold reserves for the first time in four months. The Central Bank of Turkey also added three tons to its reserves.
Meanwhile, the Bank of Ghana is slowly building up its gold through a domestic purchase program and added another one ton in November.
These strategic moves underscore the varied approaches central banks are taking toward managing their gold reserves amid global market fluctuations.