The world’s central banks reversed their three-month gold selling spree to make purchases during June. According to international financial statistics issued by the International Monetary Fund (IMF), net gold purchases during June reached 55 tonnes, with six central banks purchasing gold during this period.

One of the largest purchasers of gold was the Central Bank of Turkey, which also resumed purchases after having been a net seller during recent months due to a ban on gold imports after an earthquake in February. Nonetheless, the Central Bank of Turkey added 11 tonnes to its official reserves, which reached 440 tons by the end of June.

Krishan Gopaul, senior analyst for Europe, Middle East, and Africa (EMEA) at the World Gold Council, qualified Turkey’s activity as “pivotal” for the global total, helping the trend in central bank demand to remain “steadfast.”

Six more banks also purchased gold, with only two selling during June, according to the statistics.

The biggest gold buyer during June was China, with the People’s Bank of China (PBOC) adding 21 tonnes to its reserves. Even when other banks turned sellers during the last three months, China kept buying gold, maintaining an eight-month buying spree. China is the biggest gold buyer year-to-date, having added 103 tonnes during 2023.

The National Bank of Poland was also one of the largest gold purchasers in June, adding 14 tonnes to its reserves as part of a government plan that could lead the country to purchase up to 100 tonnes of gold. Poland has purchased gold in the last three months, adding 48 tonnes this year.

Uzbekistan, the Czech Republic, Qatar, and India also added to their gold reserves during June.

Only two countries sold significant amounts of the precious metal during June: Kazakhstan and Singapore. Kazakhstan sold 3 tonnes during the period, signaling that it might offload more in the rest of the year, as its central bank compromised to lower the share of gold in its reserves to an “optimal level” of 50% to 55%.

The Monetary Authority of Singapore also reduced its reserves by 1 tonne.

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