The latest data shows that the world’s central banks continue to buy gold at pace, with the month of May showing that the trend for gold acquisition remains.
A total of eight central banks increased their net gold holdings between 01 and 31 May, with Poland standing out. It added 19t to its reserves, more than any other central bank, taking its total holdings to 263t.
As has become the norm in recent months as it moves away from its reliance on the U.S. dollar, China also added additional stores of gold, with its 16t purchase marking the seventh successive month it’s made a sizeable buy.
Iraq continues to be a strategic buyer, with its central bank saying that its 2 tonne acquisition was made “with the aim of increasing its holdings of gold in light of the economic and political conditions that the world is witnessing.”
