Central bank buying slightly on the rise
The World Gold Council’s (WGC’s) latest statistics show that monthly gold reserves continue to rise, with significant central bank buying from Turkey and Russia, having added 16.2 t and 8.1 t of gold to their reserves, respectively, in February.
The council released its regular statistical update on gold reserves in the official sector on Tuesday.
The report highlighted that of the 34 735 t of gold reserves globally, the US, Germany and the International Monetary Fund (IMF) led the charge with the highest gold reserves in the world, coming in at 8 133 t, 3 366 t and 2 814 t, respectively.
The US currently still tops the gold holdings, with Germany still second.
According to the WGC’s world official gold holdings, as of March 2020, Turkey now holds 428.7 t of gold, Russia 2 279.2 t, Kazakhstan 386.5 t and Mongolia 24 t.
The UK holds 310.3 t of gold and South Africa 125.3 t as of this month, both slightly on the rise.
As of March 2020, China holds 1 948.3 t of gold.
The only other notable purchases during February came from France, Switzerland and Japan.
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