Insights

Central banks reported net buying of 8t in August via the IMF and other public sources. Demand was the lowest reported figure since March 2024 with net buying activity coming from emerging markets.

In July, China’s wholesale gold demand remained weak and the local gold price premium trended down further. However, gold ETFs saw their eighth consecutive monthly inflows, pushing the total assets under management and holdings to record highs. And China’s official gold holdings remained unchanged.

Central banks reported 12t of net buying in June via the IMF and other public data sources. Demand moderated during the month: monthly gross purchases of 31t were offset by gross sales of 18t.

In May, China’s wholesale gold demand fell as gold jewellery consumption and bar and coin sales cooled. Meanwhile, the local central bank didn’t report any gold purchase during the month. But the bright spot came from the gold ETF market which extended the inflow streak to six months.

The rapid rise in the gold price during March raised  several questions. One of these was whether central banks – whose demand has been posited as a key reason for the recent rally – would change their gold buying behaviour in response.

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.

Data for February shows that reported global central bank gold reserves rose by 19t, the ninth consecutive month of growth. At the same time February’s buying was 58% lower than January’s total of 45t.

In January, central banks reported that they increased global official gold reserves by 39t. This was more than double the (revised) December net purchases of 17t, and the eighth consecutive month of net purchases.

In this insightful episode hosted by John Reade and Joseph Cavatoni from the World Gold Council, guest Karim Chedid, Head of EMEA Investment Strategy for iShares and a Managing Director at BlackRock, discusses the current macroeconomic environment.

Last week, we held an investor webinar with a focus on geopolitics, macro-economics and asset allocation in 2024. Joe Cavatoni, our Market Strategist for the Americas was joined for an insightful dialogue with two seasoned investment experts.

Reported global central bank gold reserves, via the IMF and publicly available sources, rose by a net 39t in December. Gross sales (2t) were again dwarfed by gross purchases (41t), highlighting the strength of buying.*

Reported global central bank gold reserves, via the IMF and publicly available sources, rose by a net 44t in November. Gross purchases (60t) heavily outweighed gross sales (15t) as central bank demand maintained its momentum.

Central banks’ gold buying slowed in October but did nothing to alter the overall trend of robust buying that has captured the attention of gold investors. Reported global net purchases totalled 42 tonnes (t) during the month, 41% lower than September’s revised total of 72t, but still 23% above the January-September monthly average of 34t.

• Reported global central bank gold reserves, via the IMF and publicly available sources, rose by a net 77t in September
• Gross sales (1t) were dwarfed by gross purchases (78t), highlighting the strength of buying

Central banks collectively increased their gold reserves in August for the third consecutive month. They reported adding 77t to global official reserves during the month, a 38% up-tick from July’s buying. Recent buying has reinforced our confidence that the long-term trend of healthy central bank demand remains in place.