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Gold rush: Central banks that bought the most gold in H1 2024

Analysts suggest that gold’s appeal is likely to persist if economic instability continues

by Staff Writer
Gold is reaffirming its status as a reliable investment amidst fluctuating financial markets

In September 2024, gold prices have surged as investors seek safety amid global economic volatility. Rising inflation, geopolitical tensions, and market uncertainties have driven demand for gold, traditionally seen as a safe-haven asset.

The yellow metal’s price has climbed steadily over the past months, reflecting concerns about currency stability and economic slowdowns. Analysts suggest that gold’s appeal is likely to persist if economic instability continues.

Central banks’ increasing gold reserves further support this upward trend. Consequently, gold is reaffirming its status as a reliable investment amidst fluctuating financial markets, making it a favoured choice for those looking to hedge against economic risks.

Trading specialists Bestbrokers have analysed monthly and quarterly data on central banks’ gold reserves from the World Gold Council (WGC) and International Monetary Fund (IMF) and identified the countries that bought the most gold since December of last year.

Central banks that bought the most gold in H1 2024

Change in official gold reserves Q4 2023 – Q2 2024, tonnes and percentage of gold holdings

Central banks gold
Central Bank of the Republic of Turkey 44.74 tonnes, +8.28%
Reserve Bank of India (RBI) 37.18 tonnes, +4.63%
People’s Bank of China 28.93 tonnes, +1.29%
People’s Bank of China 28.93 tonnes, +1.29%
Czech National Bank 10.82 tonnes, +35.28%
Central Bank of Iraq 5.72 tonnes, +4.01%
Qatar Central Bank 5.47 tonnes, +5.42%
National Bank of Kazakhstan 4.57 tonnes, +1.55%
Central Bank of Oman 4.37 tonnes, +185.17%
National Bank of the Kyrgyz Republic 4.27 tonnes, +19.80%

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