Central banks increase gold reserves with net 41-tonne purchase in May – World Gold Council

According to the World Gold Council, central banks made a net purchase of 41 tonnes of gold in May, marking the second-highest level this year after February. Senior analyst Marissa Salim stated: “Central banks were back in buying mode – and with a little more spring in their step.” Key buyers included Poland (18 t) and China (10 t), along with Uzbekistan, Kazakhstan, and Singapore (4 t). Sellers were Turkey (3 t) and Russia (6 t), with year-to-date sales reaching 81 t and 34 t respectively. Poland leads annual acquisitions with 64 t, while China extended its 20-month buying streak, bringing reserves to 2,331 t. Uzbekistan bought 9 t and Kazakhstan 7 t during the month. 89% of central bankers expect global gold reserves to rise over the next 12 months, with a record 45% anticipating growth in their own holdings. South Korea is preparing investments in gold ETFs, and Latin American banks such as Chile (8 t) have also stepped up purchases.