Central Banks' Gold Reserves Grow for Ninth Month Despite Slowdown

In February, central banks globally continued to increase their gold reserves, adding 19 tonnes (t) to their stockpiles, marking the ninth consecutive month of growth. However, this was a 58% decrease from January’s addition of 45t, primarily due to a mix of slower purchases and increased sales. Despite this slowdown, the year-to-date figures show a significant accumulation of 64t in the first two months of the year. While this is 43% less than the same period in 2023, it represents a fourfold increase compared to 2022. Emerging market banks, particularly in China and India, are the main drivers of this demand. The slight dip in February’s accumulation pace has not significantly altered the overall upward trend of central banks bolstering their gold reserves.