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Ronan Manly: Gold remains strong as central banks sustain upward gold buying trend in 2024
By Ronan Manly
Bullion Star, Singapore
Wednesday, November 6, 2024
As we enter the final stretch of 2024 with the international gold price having made continual new highs during the last eight months, it's encouraging to see that central banks, on a collective basis, are still large net buyers of physical gold for their monetary gold reserves.
According to the World Gold Council's just released Gold Demand Trend report for the third quarter of 2024, central banks (and other official sector institutions) added a net 694 tonnes of gold to their monetary gold reserves during the first nine months of 2024. This comprises net buying of 305 tonnes of gold in Q1, 203 tonnes in Q2, and 186 tonnes in Q3.
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Based on World Gold Council data (which is collected by precious metals consultancy Metals Focus), January–September 2024 central bank gold purchases are below the January–September 2023 period (when central banks added a net 833 tonnes of gold), but on a par with the first nine months of 2022 (when central banks bought a combined 700 tonnes of gold).
Recalling that 2022 was a record year for central bank gold buying (with central banks net buying 1082 tonnes of gold), and 2023 was not far off that (with central banks net buying 1,049 tonnes), then 2024 is set to be a respectable year also, independent of what buying might or might not occur in the fourth quarter of 2024, and shows that the investment rationale of central banks buying gold -- store of value, safe haven, no counterparty risk, no sanctions risk, diversification benefits -- are still intact. ...
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