Central bank gold statistics - March 2024
3 May, 2024
Central banks reported 16t of net buying in March via the IMF and other public data sources.
Demand remained healthy: monthly gross purchases were steady m/m at 40t, partly offset by gross sales of 25t.*
March changes by country
March transactions were led by central banks who have been active recently.
Major buyers were all from emerging markets. The Central Bank of Turkey added the most gold during the month (14t), followed by the Reserve Bank of India and the People’s Bank of China.
**The 3t increase in gold reserves at the State Oil Fund of the Republic of Azerbaijan occurred over the period Jan-Mar 2024.
***This relates to an adjustment in reporting only gold with a purity of at least 995/1,000. This does not affect the amount of gold held as Net Foreign Assets and reported under BOT’s Financial Statements.
Year-to-date changes by country
Buying strength has continued into 2024, with emerging market banks the main driving force for both purchases and sales.
The Monetary Authority of Singapore remains the sole developed market bank adding gold to its reserves.
SOFAZ is notable as it is the only sovereign wealth fund which has reported increasing its gold holdings, by 3t y-t-d.
*Totals may not sum due to rounding. Excludes SOFAZ which only reports quarterly data.
Note: Change by country and YTD changes charts include changes of a tonne or more only.
