• Based on available reported data, central banks bought a net 53t in November. The National Bank of Poland (21t) was the biggest buyer, while the People’s Bank of China reported its first addition (6t) since April. The Monetary Authority of Singapore was the biggest seller during the month, while the Bank of Finland also announced a reduction in its gold reserve.
• Assessing the final act of 2024, central banks around the world continued to play a leading role in the demand for gold. Combined reported bank gold demand registered a net 53t of global official holdings based on available monthly data.
• These effective purchases were spread throughout the year and centered on familiar buyer markets — notably Emerging Markets — as the reasons behind holding gold, having increased for a stable reserve during times of global and economic uncertainties.

The gold price dip in November, following the US election, may have provided some central banks with added impetus to accumulate. At a country level, much of the buying was limited to those who have been active in recent months:

• The National Bank of Poland (NBP) was once again a major buyer. It increased its gold reserves by 21t in November, to 448t. Gold now accounts for almost 18% of its total reserves, just below the previously stated target of 20%. This purchase also cemented the NBP’s position as the leading gold buyer on a year-to-date (y-t-d) basis of 130t.
• Data published by the Central Bank of Turkey (CBRT) showed its gold reserve rose by 5t during the month to 578t, maintaining additions since July.

As a result, both banks’ steady purchases mean total y-t-d net gold holdings amount to 382t.