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CBRT bought the most gold in November

According to the data of the World Gold Council, the CBRT was the central bank that purchased the most gold with 25 tons last November.

Krishan Gopaul, Chief Analyst for Europe, Middle East and Africa (EMEA) at the World Gold Council, reported that global central bank gold reserves reported through the International Monetary Fund (IMF) and publicly available sources increased by a net 44 tonnes in November.

Gopaul pointed out that central bank gold demands at the global level maintained their momentum, while gross purchases reached 60 tons, gross sales remained at 15 tons.

Gopaul stated that the Central Bank of the Republic of Turkiye (CBRT) increased its official gold reserves to 498 tons together with the Treasury by purchasing 19 tons in October. He stated that as a result of the intense net sales between March and May, the CBRT maintained its net seller position with 44 tons on an annual basis.

According to the data, the CBRT, which rose to the first place by purchasing 25 tons of gold in November, was followed by the Central Bank of Poland with the purchase of 19 tons and the People’s Bank of China with the purchase of 12 tons.

Underlining that the Central Bank of Poland continued its recent purchases and added 6 tons to its gold reserves, Gopaul said, “Gold assets increased by over 100 tons this year, reaching 340 tons. He emphasized that the Central Bank of India with a total of 3 tons, the Czech National Bank with a total of 2 tons, the National Bank of the Kyrgyz Republic with a total of 1 ton and the Central Bank of Qatar with a total of 1 ton were the other important buyers in October.

Gopaul continued his statement as follows:

“There were higher volume sales in October compared to August and September. These sales were made by the Central Bank of Uzbekistan with 11 tons and the National Bank of Kazakhstan with 2 tons. We noted that both banks frequently alternate between net buying and selling, which is not unusual for banks that purchase gold.”

Source: Patronlardunyasi / Prepared by Irem Yildiz

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