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Turkey, Qatar, India and Kazakhstan all made significant increases to their central bank gold holdings in July, the latest report published by the World Gold Council (WGC) on Thursday.

Despite the boost in gold holdings by the central banks in the abovementioned countries, global central bank net purchases dropped to the lowest level of monthly net purchases since July 2019.

Key details

“Gross purchases totaled 27.2t, with buying continuing to be concentrated amongst recent purchasers, a trend we have seen for most of the year. Turkey (19.4t), Qatar (3.1t), India (2.8t), and Kazakhstan (1.9t) all saw gold reserves grow during the month.

Gross sales, on the other hand, totaled 17.7t in July, its highest level since July 2019 (24.6t). Uzbekistan (-11.6t) and Mongolia (-6.1t) accounted for 95% of gross sales during the month, with Germany and Russia also seeing marginal declines in gold reserves of around half a tonne.”

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