Global Central Banks hold the most gold in 45 years – at 36,000 tonnes! pic.twitter.com/2XBDME6Qmk
— Longview Economics (@Lvieweconomics) November 6, 2024
Global central banks are on a gold-buying spree, reaching their highest reserves in 45 years—36,000 tonnes. Year-to-date, central banks have added a record 694 tonnes of gold to their reserves, marking the most significant increase since the 1990s.
Poland, Hungary, India, Turkey, and the Czech Republic are among the leading buyers, reflecting a broader trend of countries seeking more stable assets. Geopolitical tensions, like the ongoing war in Ukraine and strained U.S.-China relations, have further pushed central banks to bolster their gold holdings.
Economic concerns, particularly rising inflation and the volatility in financial markets, are also driving this surge in gold purchases. As these global uncertainties continue, central banks are increasingly relying on gold as a hedge against instability.
Sources:
- Money Metals News Service: Central Bank Gold Demand Rebounded in September
- World Gold Council: 2024 Central Bank Gold Reserves Survey
- Visual Capitalist: Central Bank Gold Reserves Survey
- MSN Money Markets: List of Top 10 Countries with Highest Gold Reserves
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