Central banks increased their gold holdings by 1,044.6 tonnes last year, according to data compiled by the World Gold Council.
- Last year was the third-largest expansion of central bank gold reserves on record, coming in just 6.2 tonnes lower than in 2023 and 91 tonnes lower than the all-time high set in 2022. (1,136 tonnes).
- Central banks likely added even more unreported gold. For instance, the People’s Bank of China quietly purchased over 100 tonnes of gold in October and November.
China tripled the share of gold in its foreign reserves to 8% and imported approximately 700 metric tons from the UK over the past two years, aligning with a strategy to reduce reliance on U.S. Treasuries .
