Central banks net add 23 tonnes of gold in July led by China and Poland

Central banks added a net 23 tonnes of gold in July, with China buying 20 tonnes and Poland 8 tonnes, according to the World Gold Council. The Czech Republic purchased 2 tonnes for its 41st straight month, while Kazakhstan, Malaysia and Bolivia each added 1 tonne. Russia led sales with 6 tonnes.

Year-to-date Poland has acquired 90 tonnes, reaching 640 tonnes or 28% of reserves. China added 60 tonnes to hold 2,366 tonnes at 8% of reserves, and Uzbekistan bought 40 tonnes. Total central bank purchases reached 130 tonnes versus 160 tonnes last year.

South Korea allocated roughly 2 tonnes via ETFs worth 250 million dollars, Venezuela requested repatriation of 4 billion dollars in gold from the Bank of England, and Namibia aims to raise gold reserves to 3% by March 2027.