PRESS ROOM
Central banks continue to buy gold in large volumes
Monday 17th February '20
Data from the World Gold Council confirmed that Central Banks continued to buy gold in large volumes in 2019. Just shy of the 656.2 tonnes 50-year high water mark reached in 2018, central banks bought 650.3 tonnes in 2019. 15 central banks increased their gold reserves by one tonne or more in 2019 – highlighting the breadth of buying. In the past ten years emerging market central banks have been keen to diversify their foreign currency reserves, especially away from the US Dollar. They also have also highlighted gold’s virtues as a hedge against financial market turbulence. The largest buyers were Turkey, Russia, Poland and China.