Qatar Central Bank has increased its gold reserves by one tonne amid apex banks worldwide adding 42 tonnes October 2023, according to the World Gold Council (WGC).

The global net purchases are 41% lower than September’s total of 72 tonnes, but still 23% above the January-September monthly average of 34 tonnes.

The People’s Bank of China remained the largest purchaser, adding 23 tonnes of gold to its reserves – the 12th consecutive monthly addition. This brings its year-to-date net purchases to 204 tonnes, lifting its reported gold reserves to 2,215 tonnes.

The Central Bank of Turkey also made a significant addition by buying 19 tonnes to increase its official gold reserves to 498 tonnes. On a year-to-date basis, the central bank remains a net seller (44 tonnes) due to its heavy net sales between March and May.

The National Bank of Poland continued its recent buying spree, adding 6 tonnes to its gold reserves. The other central banks buying gold were the Reserve Bank of India (3 tonnes), the Czech National Bank (2 tonnes) and the National Bank of the Kyrgyz Republic (1 tonnes).

“Having started Q4 positively, this year’s central bank demand looks set to climb even higher,” the WGC said.   

(Editing by Brinda Darasha;