Gold Data by Central Banks for March 2024
According to the IMF and other public data sources, central banks recorded 16t in net purchases in March.
Demand was strong: monthly gross purchases were stable m/m at 40t, somewhat offset by gross sales of 25t*.
Changes by country (March)
March trades were driven by central banks that had lately been active.
Major purchases were all from emerging markets. The Central Bank of Turkey added the most gold (14t) this month, followed by the Reserve Bank of India and the People’s Bank of China.
**The Republic of Azerbaijan’s State Oil Fund had a 3t rise in gold reserves between January and March 2024.
***This is an adjustment to report only gold with a purity of at least 995/1,000. This has no effect on the quantity of gold held as Net Foreign Assets and reflected in the BOT’s financial statements.
Changes by country (year-to-date)
Buying strength has persisted into 2024, with developing market banks driving both purchases and sales.
Singapore’s Monetary Authority remains the only developed-market bank to add gold to its holdings.
SOFAZ is significant since it is the only sovereign wealth fund to report increasing its gold holdings by 3t y-t-d.
*Numbers may not add up because of rounding. SOFAZ is excluded since it only publishes statistics on a quarterly basis.
Change by nation and year-to-date change charts only reflect changes of one tonne or more.
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