New Delhi [India], June 3 (ANI): Globally, central bank gold buying experienced a slowdown in April, according to the latest data from the World Gold Council (WGC).
The WGC indicates that central banks added a net of 12 tonnes to their reserves during the month. This figure represents a 12% decrease compared to the previous month’s purchases and falls below the 12-month average of 28 tonnes.
This deceleration in net purchases marks the second consecutive month where the rate of accumulation has slowed. Analysts suggest that this trend could be partly attributed to the significant appreciation in the price of gold observed since the beginning of the year, with gold reaching multiple record highs in recent months.
While WGC “still expect overall buying to continue, given that the economic and geopolitical outlook remains highly uncertain.”
The World Gold Council’s report highlights that the National Bank of Poland continued to be a significant player in the market, remaining the leading buyer both in April and for the year-to-date.
Additionally, the Reserve Bank of India left its gold reserves unchanged at 880t and provided an update on its gold storage arrangements.
On the other hand, several African central banks are exploring the possibility of increasing their gold holdings. The bank of Namibia, at the start of May, have announced plans to add gold with the aim of increasing it to 3% of total reserves.
Similarly, the National Bank of Rwanda also announced during the month that it intends to build gold reserves.
Gold retreated on Tuesday after approaching a four-week peak earlier in the day, pressured by a modest dollar recovery and profit-taking, as investors stayed wary amid unpredictable U.S. trade policies.
On the physical demand side, according to a report by ICRA, domestic gold jewellery consumption in India is projected to expand by a significant 12-14 per cent in value terms in fiscal year 2026. (ANI)
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