China, Poland, and Czechia add tonnes to gold reserves in April despite record-high prices
LONDON (May 7) The gold market pulled back a bit after the announcement that the Chinese and Americans are set to have tariff talks, easing some of the pressure on gold. However, we are still very bullish at this point and have FOMC during the afternoon.
China added to its gold reserves for the sixth straight month in April, the country’s central bank reported on Wednesday, as other sovereign buyers continued to build up their bullion holdings despite record-setting prices.
“Data released by the People's Bank of China shows that its #gold reserves increased by 2 tonnes in April - the sixth consecutive month of purchases,” wrote Krishan Gopaul, Senior Analyst, EMEA, at the World Gold Council. “Year-to-date net purchases now total 15 tonnes, helping to lift gold reserves to 2,294 tonnes.
China’s gold reserves have risen by approximately 30 tonnes in the latest six months, even as the precious metal has set multiple new all-time highs on its way to a nearly 30% gain on the year.
“The modest volumes bought over the last few months suggest that while they are buyers, they will only do so if the price is attractive,” Ross Norman, chief executive officer at Metals Daily told Bloomberg. “Likely we will see ongoing purchases of gold by PBoC, as they scale back on US dollar denominated assets such as Treasuries.”
Last year’s number one sovereign buyer also continued their torrid pace of purchases. “Data reported by the National Bank of Poland (NBP) shows its #gold reserves rose 12 tonnes in April, to 509 tonnes,” Gopaul said in a separate post on Wednesday. “Year-to-date, the NBP has now bought 61 tonnes, two thirds of its total net purchases in 2024 (90 tonnes).”
And Czechia also added significantly to its gold reserves last month. “The Czech National Bank has reported increasing its #gold reserves by a further 2.5 tonnes in April,” Gopaul noted. “It has now added gold for 26 consecutive months, over which time it has bought a total of 47 tonnes. Total gold holdings [were] nearly 59 tonnes at the end of April.”
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