CBRT is the world leader in gold purchases

The World Gold Council has published its report titled "Gold Demand Trends - Q2 2024."

Following a record-breaking start to the year, central bank gold purchases slowed sharply in the second quarter, yet a record was still set for first-half purchases.

According to the report, central bank gold demand in the second quarter of 2024 stood at 183 tons. Thus, while central bank gold demand in the second quarter fell by 39 percent compared to the previous quarter, it increased by 6 percent on an annual basis.

'483 TONS IN THE FIRST HALF OF THE YEAR'

According to the report by Gülben Dikmen from Sözcü newspaper, when looking at the data for the first half of 2024, central bank gold purchases reached a record level of 483 tons in the first half of the year. The report stated, "When the purchases from the first quarter are added, central bank gold purchases reached a record level of 483 tons in the first half of the year."

The new record of 483 tons was 5 percent higher than the previous record of 460 tons set in the first half of 2023.

The largest contribution to the central banks' first-half gold purchase record came from the CBRT.

The CBRT purchased 15 tons of gold in the second quarter and 30 tons in the first quarter, making it the central bank that purchased the most gold in the first half of the year.

The report included the following statements regarding the CBRT's gold reserves:

"In contrast to the heavy sales made in the first half of last year to alleviate local market tightness (net sales of 102 tons), purchases have continued uninterrupted throughout this year. Total official gold reserves are currently at 585 tons (34 percent of total reserves)."

The Central Bank of Uzbekistan (7 tons), the Czech National Bank (6 tons), the Qatar Central Bank (4 tons), the Central Bank of Russia (3 tons), the Central Bank of Iraq (3 tons), the Central Bank of Jordan (1 ton), and the National Bank of the Kyrgyz Republic (1 ton) were other notable buyers in the second quarter.

The Monetary Authority of Singapore (4 tons) was the only central bank of a developed country to report an increase in its gold reserves during the quarter.