Central Banks Add 39 Tonnes of Gold in August Led by China and Poland

Key Facts

Central banks added a net 39 tonnes of gold to their reserves during the month of August. Kitco reported that central banks in China, Uzbekistan, and Poland led all sovereign buyers of the yellow metal, as these institutions maintain a strategy of increasing gold allocations to diversify their international reserves.

The People's Bank of China added 20 tonnes to its gold reserves in August, marking its 22nd consecutive month of buying, bringing its official holdings to approximately 2,387 tonnes. The National Bank of Poland also purchased 8 tonnes during the month, lifting its year-to-date acquisitions to 98 tonnes and moving closer to its 700-tonne target. Continued sovereign demand provides a fundamental floor for gold prices.