World Central Banks’ Gold Purchases in 2023: China, Poland, and Singapore Lead the Way

Jakarta, CNBC Indonesia – Gold purchases continue to be made by world central banks. Singapore is one of the central banks with the largest purchases this year.

Data from the World Gold Council (WGC) shows that gold purchases by world central banks in August 2023 reached 77 tonnes. China’s central bank (PBoC) is still the largest buyer, buying up 28.9 tonnes of gold in August 2023.
The next buyers were the central banks of Poland (14.9 tonnes), Turkey (14.7 tonnes) and Uzbekistan (8.7 tonnes).

The PBoC has started diligently buying up gold since November 2022. The PBoC’s purchase of gold in that month was the first since September 2019 or more than three years earlier.

China then continued to build up its gold reserves and became the biggest wholesaler this year. In January-August 2023, the PBoC bought 154.9 tonnes of gold. This amount is equivalent to 40.3% of total global gold purchases in that period.

This Chinese buying action coincided with the opening of their international borders as well as the sluggish economy of the Dragon and their efforts to reduce cash reserves in the form of United States dollars.

Below China, there is Poland which wholesaled 85.7 tons of gold in January-August this year. Indonesia’s neighbor, Singapore, is in third place with the purchase of 75.2 tons of gold.
Singapore’s central bank has been actively buying gold since January 2023 with purchases reaching 44.6 tons. This purchase is the first since July 2021 or around 2.5 years.
The second largest purchase was recorded in March, namely 17.3 tons, and in February it was 6.6 tons.

The purchase of gold in January this year also raised many questions considering that Singapore rarely buys gold in large quantities.
The purchase in January 2023 will be the second largest in Singapore’s history. The largest purchase was recorded in 1968, namely 100 tons.

In the 21 year period or 2002-2023, Singapore’s central bank only purchased gold twice, namely in 2021 and this year.
The addition of 75.2 tons this year brings Singapore’s total gold reserves to 227.3 tons as of August 2023. Singapore is ranked 26th in the country/institution with the largest gold reserves in the world.

Indonesia itself is in 45th place with total gold reserves reaching 78.6 tons. Bank Indonesia last made purchases in 2017 with a quantity of 2.5 tonnes.

CNBC INDONESIA RESEARCH

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2023-10-14 08:30:00
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