Central banks reported 10t of net buying in May via the IMF and other public data sources. Demand moderated during the month: monthly gross purchases fell to 23t and offset by gross sales of 12t.*
Central Bank Gold Statistics: May 2024
1 July, 2024
May Highlights
May changes by country
May transactions were led by emerging market central banks. The National Bank of Poland was the largest gold purchaser during the month (10t), followed by the Central Bank of Turkey and the Reserve Bank of India.
Year-to-date changes by country
Buying strength continues in 2024, although gross purchases and sales are lower compared to the same period last year.
Emerging market banks the main driving force for both purchases and sales. The Monetary Authority of Singapore remains the sole developed market bank having increased its gold reserves.
*Data to May 2024 where available. Totals may not sum due to rounding. Excludes SOFAZ which only reports quarterly data.
Note: By country and YTD charts include changes of a tonne or more only. Source: IMF IFS, respective central banks, World Gold Council
