Central Banks Snap Up Gold at Record Pace

Central banks around the world have been buying gold for three consecutive months, according to data from the World Gold Council (WGC). In June, they purchased a record 51 tonnes of gold. This is the highest amount acquired by central banks this year.

The National Bank of Poland was the largest buyer in June, adding 19 tonnes to its reserves, followed closely by China's People's Bank with a purchase of 15 tonnes. Both countries have been consistent buyers of gold over the past few months.

Uzbekistan and Kazakhstan also continued their buying spree, purchasing 9 and 7 tonnes respectively. Other central banks that acquired gold in June include Jordan (3 tonnes), Georgia (1 tonne), and Ghana (1 tonne), which re-entered the market after a brief absence.

Russia, on the other hand, sold 9 tonnes of gold, while Turkey both bought and sold similar quantities. At the end of the first half of the year, Poland remains the top buyer with 82 tonnes, followed by Uzbekistan (41 tonnes), China (40 tonnes), and Kazakhstan (27 tonnes).