Central banks’ appetite for buying gold remained robust in July, as global reserves increased by a net 37 tonnes, the World Gold Council (WGC) reported.
The net increase in July was below the 64-tonne rise recorded in June. However, added to the 270 tonnes of net purchases by central banks over the first six months of the year, this pushes the year-to-date central bank demand towards the 300-tonne mark, said Krishan Gopaul, senior analyst for Europe, the Middle East and Africa at WGC.
“Few central banks were active during the month, but those that were, acted with purpose,” Mr Gopaul said.
Qatar Central Bank was the largest buyer of bullion, adding 15 tonnes of gold to its official reserves in July. The addition appears to be the largest monthly increase on record, which dates back to 1967.
The central bank’s gold reserves now stand at 72 tonnes, 10 per cent of total reserves, the highest on record in terms of tonnage.
The Reserve Bank of India, a regular buyer of gold, added more than 13 tonnes to its reserves, its highest monthly purchase since September last year, when it bought 19 tonnes.