July Sees Record Central Bank Gold Acquisition Since January

In July 2024, central bank gold demand surged, with net purchases more than doubling to 37 tonnes despite rising gold prices. The National Bank of Poland led the buying, followed by Uzbekistan and India’s central banks. This marked the highest monthly total since January, indicating a strong commitment by central banks to accumulate gold. The ongoing demand is expected to continue, as central banks seek to bolster their reserves amidst economic uncertainties.