Central Bank Gold Buying Hits Highest Level in Six Years
– Central banks have emerged as some of the biggest buyers of gold this year as reported by the Financial Times
– Poland added to its gold reserves last month, buying more than seven tons of gold, which followed its purchase of two tons in July
– Poland’s gold buying appears to be the first purchase by a European Union member this century
– Central banks bought a total of 264 metric tons this year to reach the highest level in six years, according to analysts at Macquarie
– It suggests “gold’s appeal to central banks might be widening,” Macquarie said
Central banks have emerged as some of the biggest buyers of gold this year, with purchases hitting their highest level in six years, according to analysts at Macquarie.
Central banks have bought a total of 264 tonnes of gold this year, “by far the most at this stage of the year of any period in the last six years,” the bank said.
While gold buying has been dominated by Russia, Turkey and Kazakhstan, Poland also bought gold for the first time since 1998, Macquarie said.
“The only unambiguously positive sector for gold at the moment is central banks,” the bank said.
Central banks may be buying gold to diversify their reserves away from the US dollar, the bank said.
“In a gold market struggling from too much supply and not enough demand, this has been a lifeline,” they said.
Poland added to its gold reserves in August buying over seven tonnes of gold, which followed its purchase of two tonnes in July, according to IMF data. If confirmed, it is the first purchase by an European Union member this century, Macquarie said.
“Taken at face value it suggests gold’s appeal to central banks might be widening,” Macquarie said.
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