Net purchases of gold by central banks hit 18 tonnes in January, up from net sales of 3 tonnes recorded in December, according to data published by the World Gold Council (WGC). Emerging market central banks led the accumulation of gold in their reserves with Uzbekistan, China and Kazakhstan emerging the top three buyers. Gold holdings account for 82% of the Central Bank of Uzbekistan’s reserves with 391 tonnes. The central bank bought 8 tonnes in January.
China purchased 5 tons and Kazakhstan 3.8 tons. Poland 3.1 tons, India 2.8 tons, the Czech Republic 1.7 tons, Qatar 1.3 tons, and others also continue to increase their reserves.
Russia (3.1 tons), Jordan (3 tons) and Kyrgyzstan (1.9 tons) reduced their gold reserves in January.
