Global central banks raise their holdings of gold to the highest level since 1974

HipHop24  - HipHop24
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Global central banks raise their holdings of gold to the highest level since 1974

The World Gold Council said that global central banks added 31 tons of gold to their international reserves last October, to rise to their highest levels since 1974.

The Gold Council stated in its monthly report, Sunday, that central banks maintained their appetite and raised their holdings to 36,782 tons last October.

World official gold reserves are currently at their highest level since November 1974.

According to the report, gold purchases were limited to a number of central banks in October.

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The UAE Central Bank was the largest buyer, adding just over 9 tons to its gold reserves, bringing its net purchases over the year to 18 tons.

The total gold reserves of the UAE central bank rise to approximately 74 tons, representing 3 percent of the total reserves.

Turkey’s central bank, the largest global buyer of gold throughout the year, bought another 9 tons of gold in October.

The total net purchases of the Turkish Central Bank on an annual basis rise to 103 tons, which is the highest level of purchase since 2019 when it bought 126 tons, with a reserve of 498 tons.

The Central Bank of the Republic of Uzbekistan bought another 9 tons of gold during the month, which is the same amount of gold for the fifth month in a row.

While the Central Bank of Kazakhstan added 3 tons, while banks in India and Qatar added 1 ton each.

The United States maintains the top of the list with possession of about 8133 tons, then Germany with 3355 tons, and thirdly the IMF with 2814 tons, then Italy with 2451 tons, and France with 2436 tons.

The World Gold Council has been monitoring central bank reserves every month since 2000, according to official data released by these banks.

The World Gold Council is an organization working to develop the gold industry market, and aims to stimulate and sustain global demand for the yellow metal.

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Posted by HipHop24 HipHop24
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