Central banks accelerate gold purchases to record pace

Total central bank gold purchases reached 675 metric tons during the first nine months of the year, surpassing the amount recorded in the same period last year. Despite pressure on gold prices from elevated oil prices and interest rate expectations, central banks continued diversifying their reserves.

China and Poland were among the largest gold buyers in the third quarter, purchasing 63 and 41 metric tons, respectively, while Russia sold 19 metric tons. During the same period, inflows into gold-backed exchange-traded funds (ETFs) reached a record 211 metric tons. Meanwhile, jewelry demand declined 17% to 313 metric tons, and demand for gold bars and coins fell 19% to 268 metric tons. The World Gold Council emphasized that strong central bank purchases continue to provide significant support to the global gold market.