The National Bank of Kazakhstan was the only central bank in the world to reduce its gold reserves in July, despite the overall trend of increasing reserves. Kazakhstan's gold reserves decreased by 4 tons, the World Gold Council (WGC) reports.
According to the latest reports, in July 2024, global central banks collectively purchased 37.1 tons of gold, the highest figure in recent months, reports Kursiv.kz.
As a result, Kazakhstan's total gold reserves decreased to 295 tons, which constitutes 55% of the country's total reserves. The main gold buyers in July were the central banks of Poland (+14 tons), Uzbekistan (+10 tons), and India (+5 tons).
WGC analyst Krishan Gopaul attributes the growing demand for gold by central banks to a desire to diversify reserves and reduce dependence on the dollar. Despite the rising prices of gold, central banks continue to actively purchase the precious metal, indicating its high attractiveness as a reliable asset in the face of global economic uncertainty.
Kazakhstan was the only country to reduce its gold reserves in July (by 4 tons), although in April Kazakhstan ranked second in the world for net gold purchases, with almost 6 tons (out of a global total of 33 tons). In June, the National Bank of Kazakhstan sold even more (6 tons) than in July, but it was not the only central bank in the world to reduce reserves. Singapore also did so (selling 12 tons).
CentralasianLIGHT.org
September 4, 2024