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RBI Adds 27 Tonnes of Gold in October, Boosting Reserves: WGC

According to the World Gold Council (WGC), this significant purchase brings India's total gold buying to 77 tonnes for the year, from January to October.

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RBI Adds 27 Tonnes of Gold in October, Boosting Reserves: WGC

Central bank gold purchases surged to 60 tonnes in October, driven primarily by the Reserve Bank of India (RBI), which added 27 tonnes of gold to its reserves. According to the World Gold Council (WGC), this significant purchase brings India's total gold buying to 77 tonnes for the year, from January to October.

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The RBI's purchases in October represent a five-fold increase compared to the same period in 2023, underlining India's growing commitment to strengthening its gold reserves. As of October, India's total gold reserves stand at 882 tonnes, with 510 tonnes held within the country, the WGC reported.

Emerging market central banks have continued to dominate the global gold market, with notable additions from Turkey and Poland. Turkey increased its gold reserves by 72 tonnes, while Poland added 69 tonnes between January and October 2024. Together, these three central banks—India, Turkey, and Poland—accounted for 60% of global net gold purchases this year.

Turkey's gold buying streak continued in October, marking its 17th consecutive month of net purchases. The country added 17 tonnes in October alone, the highest monthly increase since December 2023, surpassing the total purchases of both the April-June and July-September quarters.

Poland's National Bank also maintained its strong buying trend, adding 8 tonnes in October, making it the seventh consecutive month of net buying. The National Bank of Poland's annual report highlights its goal of achieving a 20% allocation of gold in its total official reserve assets.

Other emerging markets also made significant gold acquisitions in October. The National Bank of Kazakhstan reversed its recent trend of net selling, purchasing 5 tonnes of gold, while the Czech National Bank (CNB) added 2 tonnes, bringing its total reserves to 49 tonnes. CNB's monthly net buying streak extended to 20 consecutive months.

Kyrgyzstan also showed strong buying, with 2 tonnes added to its reserves, marking October as its highest monthly net purchase since September 2023. Additionally, the Bank of Ghana reported a 1-tonne increase in its reserves, bringing its total to 28 tonnes. Ghana's gold reserves have steadily grown since May 2023, when they were just under 9 tonnes.

The WGC's data underscores the ongoing trend of central banks diversifying and increasing their gold holdings, reflecting a broader strategy of securing financial stability amid economic uncertainties. 

Reserve Bank of India (RBI) gold reserves World Gold Council