For the second month in a row, Uzbekistan remained the largets gold seller in the world, the World Gold Council said. Global central bank gold reserves rose by 44 tons in November, according to International Monetary Fund and public data. Net gold purchases (60 tons) significantly outweighed gross sales (15 tons) as demand from central banks kept its momentum.
Central bank purchases in November 2023 continued to be dominated by banks who have been regular buyers so far this year.
Major buyers were all from emerging markets. The Central Bank of Turkey added the most gold during the month (25t), followed by the National Bank of Poland and the People’s Bank of China. Next come China (12 tons), the Czech Republic (3 tons) and Kyrgyzstan (1 ton).
Uzbekistan sold the same amount of gold that month as in October - 11 tons. Kazakhstan sold 3 tons.
However, in 2023, Uzbekistan was the second in terms of net sales of gold (sale minus purchase cost) - over 30 tons. Kazakhstan tops the yearly ranking in gold sales - about 50 tons.
