World Gold Council: Central Bank Gold Buying Remains Hot in July
Article by Krishan Gopaul (Senior Analyst, World Gold Council)
Having reported a return to net buying in June, the latest data shows global central banks continued to add to their gold reserves in July.
Central banks reported healthy net purchases of 55 tons during the month.1 Despite the month-on-month slowdown – owing to the late reporting of a 30 tons purchase by the Central Bank of Libya in June – the latest data does seem to support our view that the longer-term buying trend remains in place.
Looking at the detailed activity during July, two things are notable:
1) relatively few banks altered their gold holdings in July, and
2) many that did buy, did so ......