Around the world, Central Banks are continuously increasing their gold reserves. According to ‘The Kobeshi Letter’, about 19 tonnes of gold was purchased in February. This is the 23rd consecutive month of gold purchases. With the purchase of 6 tonnes in January, a total of 25 tonnes have been added to the reserves so far this year. These data show that even in uncertain circumstances, central banks consider gold a safe haven. Let us discuss this topic in detail.
Which countries increased their gold reserves the most?
The National Bank of Poland was at the forefront in increasing its gold reserves in February. Poland bought about 20 tons of gold, increasing its total reserves to 570 tons; This is about 31 percent of the total foreign exchange reserves of the country. The Central Bank of Uzbekistan also increased its gold reserves and bought about 8 tonnes of gold. With this, its total gold reserves increased to 407 tonnes, which is about 88 percent of its foreign exchange reserves.
Some countries have reduced their gold reserves
While many central banks are buying gold, some countries have reduced their reserves. Türkiye and Russia made the biggest reductions in their reserves in February. Turkey reduced its gold reserves by 8 tonnes, while Russia reduced its gold reserves by 6 tonnes. According to reports, Turkey decided to sell a large amount of gold in March to meet its foreign exchange needs. Gold reserves were sold to stabilize the country’s currency due to ongoing tensions in the Middle East.
These countries have the largest reserves of gold
Talking about the countries which have the largest reserves of gold, the United States tops the list. Let us know which countries have the largest reserves of gold.
1. United States (8,133 tons)
2. Germany (3,350 tonnes)
3. Italy (2,452 tonnes)
4. France (2,437 tonnes)
5. Russia (2,330 tonnes)
6. China (2,299 tonnes)
7. Switzerland (1,040 tonnes)
8. India (880 tonnes)