In November, Uzbekistan became one of the world’s largest gold buyers, according to the World Gold Council (WGC).
Over the month, the official gold reserves of global central banks increased by 53 tons, with 31 tons purchased and 18 tons sold, Gazeta.uz reports.
According to WGC, this continues a broader trend observed throughout the year, where central banks—mainly from developing countries—remain active gold buyers. The main drivers behind this trend are the need for a stable and reliable asset amid global economic uncertainty. The post-U.S. election decline in gold prices in November may have encouraged some central banks to increase their purchases, the report states.
The National Bank of Poland was the largest gold buyer, increasing its reserves by 21 tons, bringing its total to 448 tons. Poland also solidified its position as the top gold buyer of 2024, with 90 tons purchased.
The Central Bank of Uzbekistan reported an increase of 9 tons in its gold reserves—the first monthly rise since July. The country’s net annual gold purchases now total 11 tons, with total reserves reaching 382 tons. As of December 1, Uzbekistan’s official reserve assets stood at $41.47 billion (-3.9%), decreasing by $1.67 billion in November, marking the first decline since June due to lower gold prices.
The Reserve Bank of India continued its active gold purchases in 2024, adding 8 tons in November. Since January, India has bought 73 tons, bringing total gold reserves to 876 tons, making it the second-largest gold buyer of 2024 after Poland.
The National Bank of Kazakhstan increased its gold reserves by 5 tons for the second consecutive month. As a result, Kazakhstan became a net gold buyer in 2024 (1 ton), with total reserves now at 295 tons.
Other gold buyers in November included:
- China (5 tons)
- Jordan (4 tons)
- Turkey (3 tons)
- Czech Republic (nearly 2 tons)
- Ghana (1 ton)
The Monetary Authority of Singapore was the largest gold seller of the month, reducing its reserves by 5 tons.
"Although final data for 2024 is yet to be confirmed, the sustained interest of central banks in gold throughout the year highlights the enduring appeal of this asset. With December’s figures still to come, central banks are undoubtedly set to remain net gold buyers for the 15th consecutive year," the World Gold Council stated.
Notably, in November, gold prices dropped by 2.6%, from $2,721 to $2,651 per troy ounce.
CentralAsianLIGHT.org
January 7, 2025