Top News

Gold prices continue to surge hitting an all-time high 40 times this year. One major reason behind this rally is the ongoing purchases by central banks of various countries. In the last 28 months central banks have bought gold 27 times. In August central banks bought 15 tonnes of gold. One country Kazakhstan accounted for more than half of this purchasing 8 tonnes taking its total gold reserves to 308 tonnes. Which Countries Are Buying More Gold? The central banks of Bulgaria Turkey and China also bought 2 tonnes each. China’s central bank has now bought gold for the tenth consecutive month. China’s official gold holdings have for the first time crossed 2300 tonnes. However the United States is still the world’s top gold holder with its central bank possessing 8133 tonnes which is largely unchanged for the past 25 years. After the US Germany holds the next largest reserves at 3350 tonnes followed by Italy (2452 tonnes) France (2437 tonnes) and Russia (2330 tonnes). China with 2301 tonnes is in sixth place followed by Switzerland (1040 tonnes). India holds 840 tonnes Japan 846 tonnes and Turkey 837 tonnes. Since the Ukraine war many countries have sought to reduce their reliance on the US dollar by increasing their gold reserves—a major factor behind gold’s ongoing price strength. In August net gold purchased by central banks was around 15 tonnes. Kazakhstan was the top buyer in August (8 tonnes) reaching 308 tonnes in total reserves. Which Country Has More Gold Reserves? Bulgaria Turkey China each purchased 2 tonnes. China’s central bank gold reserves now exceed 2300 tonnes maintaining its ten-month buying streak. USA is still at 1 in gold reserves with 8133 tonnes. Next largest reserves are with Germany (3350t) Italy (2452t) France (2437t) Russia (2330t) China (2301t) Switzerland (1040t) Japan (846t) India (840t) Turkey (837t).