Central Banks Add 23t Gold to Reserves Amid Emerging Market Surge

Central banks around the world continued their gold accumulation in July, purchasing a net total of 23 tonnes. This comes after the Central Bank of Russia sold off 6 tonnes of its gold reserves, marking a decrease in its holdings for the month.

The People's Bank of China (PBoC) and Poland led the charge in emerging markets, adding 20 and 8 tonnes to their gold reserves respectively. The Bank of Korea made headlines by announcing an official gold allocation after 13 years.

Emerging markets have been driving the increase in central bank gold purchases, with countries such as China and Poland taking a significant role in accumulating gold this month.