Central banks set a record for gold purchases in 2024

From the beginning of the year to November 2024, central banks purchased a total of 794 tons of gold, making it the third-largest gold purchase in the current century.

In November alone, central banks purchased 53 tons of gold. This was the largest monthly gold purchase in 14 months.

As of November 2024, central banks had net gold purchases for 18 consecutive months. The largest central banks during this period were the National Bank of Poland, the Central Bank of Turkey, the Reserve Bank of India, and the Reserve Bank of China.

Due to the increase in gold purchases by central banks, global gold prices rose by a total of +28% in 2024.

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