Central banks globally purchased 42 tons of gold in October 2023

Central banks globally purchased 42 tons of gold in October 2023. According to the data, global net purchases were 41 percent lower than the 72-ton total in September, but 23 percent above the January-September average of 34 tons. The People's Bank of China continued to be the largest gold buyer, adding 23 tons of gold to its reserves, marking its 12th consecutive monthly increase. It has increased its net purchases to 204 tons since the beginning of the year, bringing its reported gold reserves to 2,215 tons.

The Central Bank of the Republic of Turkey (CBRT) also purchased 19 tons of gold, increasing its official gold reserves to 498 tons. Since the beginning of the year, the CBRT remains a net seller (44 tons) due to heavy net sales between March and May.

The National Bank of Poland continued its purchases by adding 6 tons to its gold reserves. Other central banks that purchased gold included the Reserve Bank of India (3 tons), the Czech National Bank (2 tons), and the National Bank of the Kyrgyz Republic (1 ton).

The WGC stated, "With a positive start to the 4th quarter, central bank demand for this year looks set to rise even further."