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India’s gold reserves reached 882 tonnes in October 2024, with the Reserve Bank of India (RBI) adding 27 tonnes, marking a five-fold rise in gold purchases compared to 2023.
Global central bank gold buying totalled 60 tonnes for the month, with India, Turkey and Poland leading, accounting for 60% of net purchases this year.
India’s gold reserves surged to 882 tonnes in October 2024, with the Reserve Bank of India (RBI) adding 27 tonnes to its reserves, as per World Gold Council (WGC) data. This marks a five-fold increase in gold purchases compared to the same period in 2023, totalling 77 tonnes from January to October 2024. Central banks worldwide bought 60 tonnes in October, with RBI leading the surge, contributing significantly to global gold demand.
Total gold reserves: 882 tonnes, with 510 tonnes held domestically. RBI purchased 77 tonnes in 2024, reflecting a five-fold rise over the same period last year. October’s acquisition of 27 tonnes represents 45% of global central bank gold purchases for the month.
Global Trends in Central Bank Gold Purchases
Turkey: Added 17 tonnes in October, marking the 17th consecutive month of net buying and maintaining the year’s highest record. Total January-October additions stand at 72 tonnes.
Poland: Accumulated 8 tonnes in October, reaching 69 tonnes for 2024 and targeting 20% gold allocation in its reserves.
Kazakhstan: Reversed a five-month selling streak by adding 5 tonnes in October, but remains a net seller for the year.
Czech Republic: Achieved its 20th consecutive month of gold accumulation with a total of 37 tonnes, including 2 tonnes added in October.
Ghana: Increased reserves to 28 tonnes, starting from 9 tonnes in May 2023.
Emerging market central banks accounted for 60% of global net purchases in 2024, driven by India’s record-buying spree, alongside Turkey and Poland’s significant contributions. October’s global central bank gold purchases outpaced previous quarters, highlighting the growing demand for gold as a strategic asset.
