Central banks of countries around the world are increasing the amount of gold in their coffers. This can be estimated from the fact that these banks bought 483 tonnes of gold in the first six months of this year, which is a record so far. Which is 5% more than last year. Last year, these banks bought 460 tonnes of gold in the first six months of the year. In the second quarter of 2024, these banks bought 183 tonnes of gold, which is six per cent more than last year. However, this is 39% less than the first quarter of the current year. Central banks bought 300 tonnes of gold in the January-March quarter. National Bank of Poland and Reserve Bank of India jointly ranked first in terms of buying the most gold in the second quarter of the year. Both these banks bought 19 tonnes of gold each. Turkey finished third with 15 tonnes of gold. Turkey's central bank bought 45 tons of gold in the first half of the year. Central banks of Jordan, Qatar, Russia, Kyrgyzstan, Iraq also made significant gold purchases in the second quarter. On the other hand, China's central bank has reduced purchases. Gold prices are affected by several factors. It includes movement of US dollar, inflation, demand for gold jewellery. Two-sided movement in global gold and silver due to central banks' purchases, the price level in gold and silver has been strong in the international market. However, investors are focused on how the Federal Reserve decides on interest rates. Global gold is quoting around $2535 and silver around $29, while gold was quoted at Rs.74000 and silver at Rs.83500 in Ahmedabad.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
Record: The world's central banks bought a record 483 tonnes of gold in 6 months
