RBI adds 8 tons gold to its reserves in November; 2nd-biggest buyer in 2024: World Gold Council

The Reserve Bank of India (RBI) added 8 tons of gold to its reserves in November 2024, bringing its year-to-date purchases to 73 tons, according to data released by the World Gold Council (WGC).

Central banks around the world collectively increased their gold reserves by a net 53 tons in November as strong demand for the metal continued amid global economic uncertainties.

"Assessing the final act of 2024, central banks around the world continued to play a leading role in the demand for gold. November represented another solid month of gold buying as central banks collectively added a net 53 tonnes to global official holdings," WGC said in a report titled 'Central bank gold statistics November 2024'.

Emerging markets led the buying spree as central banks sought to diversify their reserves and hedge against inflation and currency risks. Poland, the largest buyer in 2024, added 21 tons of gold in November, pushing its year-to-date acquisitions to 90 tons. Uzbekistan followed with a 9-ton increase, while China resumed its gold purchases after a six-month hiatus, adding 5 tons.

With total holdings of 876 tonnes, India remained the second-largest buyer in 2024, with YTD additions of 73 tonnes.

Data published by the Central Bank of Jordan showed its gold reserves rose by over 4 tonnes in November - the first monthly increase since July. The country's year-to-date net purchases now total nearly 2 tonnes, lifting gold holdings to 73 tonnes, it added.

The National Bank of Kazakhstan increased its gold reserves by 5 tonnes, the second successive month of buying as a result, the bank has flipped to being a net purchaser with a total gold holdings of 295 tonnes.

The Czech National Bank continued its 21-month buying streak, purchasing nearly 2 tonnes, bringing its YTD purchases to 20 tonnes. Ghana's central bank added 1 tonne as part of its domestic gold program, with total holdings now at 29 tonnes.

"Although we await the remaining 2024 data, the broad sustained interest in gold from central banks this year has clearly highlighted the metal’s enduring appeal," the WGC report noted.