Ahmed Hatem/Anatolia
The World Gold Council said global central banks added 31 tonnes of gold to their international reserves last October, hitting the highest levels since 1974.
The Gold Council said in its monthly report on Sunday that central banks maintained their appetite and increased their holdings to 36,782 tonnes last October.
The world’s official gold reserves are currently at their highest level since November 1974.
According to the report, gold purchases were limited to a number of central banks in October.
The UAE Central Bank was the largest buyer, adding just over 9 tonnes to its gold reserves, bringing its net purchases over the year to 18 tonnes.
The UAE’s central bank’s total gold reserves rise to around 74 tonnes, accounting for 3 percent of total reserves.
The Turkish central bank, the largest global buyer of gold throughout the year, bought another 9 tons of gold in October.
The Turkish Central Bank’s overall net purchases on an annual basis rise to 103 tons, which is the highest level of purchases since 2019 when it bought 126 tons, with a reserve of 498 tons.
The Central Bank of the Republic of Uzbekistan bought another 9 tons of gold during the month, which is the same amount of gold for the fifth consecutive month.
While the Central Bank of Kazakhstan added 3 tonnes, while banks in India and Qatar each added 1 tonne.
The United States maintains the top of the ranking with a possession of about 8133 tons, then Germany with 3355 tons, and the IMF third with 2814 tons, then Italy with 2451 tons and France with 2436 tons.
The World Gold Council has been monitoring central bank reserves every month since 2000, according to official data released by these banks.
The World Gold Council is an organization working to develop the gold industry market and aims to stimulate and sustain global demand for the yellow metal.
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