Central Banks' Gold Buying in Q1 Downgraded by 76%

Central banks' gold buying in Q1 was significantly lower than previously thought due to a 'sizeable revision' by the World Gold Council. The council initially estimated that central banks purchased 244 tonnes of gold during the first quarter, but this figure has been revised down to just 57 tonnes.

This correction is substantial, with the new estimate representing an 76% decrease in Q1 gold purchases compared to the initial estimate. The World Gold Council attributed the revision to 'data corrections', implying that some information may have been inaccurately reported or misinterpreted.

The impact of this correction on the overall picture of central banks' gold demand is significant, as it suggests a lower level of interest in gold among monetary authorities at the beginning of the year. However, the World Gold Council notes that central bank gold buying rebounded sharply in Q2, reaching a record 289 tonnes.