(MENAFN– Al-Anbaa)
The latest World Gold Council data showed that central banks bought another 50 tons of the yellow metal on a net basis during November 2022, which represents an increase of 47% over October’s revised figures of 34 tons.
Of this net total, 3 central banks accounted for total purchases of 55 tons, while two contributed largely to total sales of 5 tons, which indicates strong demand, according to the World Gold Council, which was viewed by Al Arabiya.net. .
Central banks were one of the most prominent features of the gold market in 2022, as they were net buyers of about 673 tons between the first quarter and the third quarter, and looking at the picture for the whole year, it is possible that central banks have accumulated a high level of gold for several decades in 2022.
The biggest announcement for the month came from the People’s Bank of China, which revealed an increase of 32 tons, the largest reported purchase in November and the first reported increase in gold reserves since September 2019.
According to Krishan Gopaul, an analyst at the World Gold Council, “The announcement is important, given China’s historical position as a large buyer of gold, as it accumulated 1,448 tons between 2002 and 2019. It remains to be seen if this will be followed by reports of continued buying in December.
At the end of November, the People’s Bank of China’s gold reserves amounted to 1,980 tons (3.4% of China’s total reserves of more than $3 trillion).
In turn, the Turkish Central Bank continued to buy gold in November, adding another 19 tons to its official reserves, and this raises its net purchases of gold to date to 123 tons – the largest amount reported by any country – and raised its official gold reserves to 517 tons. (representing 27% of total reserves).
The Central Bank of the Kyrgyz Republic added to its gold reserves for the first time this year, buying 3 tons in November to increase its total gold reserves to 16 tons.
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