Daily Gold Market Report

Central Banks’ Appetite for Gold
44 Tonnes Added in November

(USAGOLD – 1/8/2024) With no significant new fundamental developments to begin the trading week, gold prices have fallen in early Monday trading, reaching a three-week low. Gold is trading at $2019.75, down $25.70. Silver is trading at $22.96, down 23 cents. In November 2023, central banks globally increased their gold reserves by a net 44 tonnes, with gross purchases of 60 tonnes significantly surpassing gross sales of 15 tonnes, the World Gold Council reports. This trend reflects the sustained momentum in central bank demand for gold. Major buyers were predominantly from emerging markets, with the Central Bank of Turkey leading the acquisitions by adding 25 tonnes, followed by the National Bank of Poland and the People’s Bank of China. Throughout 2023, the People’s Bank of China was the largest gold purchaser, with emerging market banks being the primary drivers of both purchases and sales. Interestingly, the Monetary Authority of Singapore was the only developed market bank adding gold to its reserves, aside from the ECB’s addition due to Croatia joining the eurozone.