Central banks ramped up gold purchases in June, according to statistics from the International Monetary Fund (IMF). In this period, central banks added 55 tonnes of gold to their reserves after three months of net selling, with China purchasing the most gold (21 tonnes).
Central Banks Back to Purchasing Gold in June
The world’s central banks reversed their three-month gold selling spree to make purchases during June. According to international financial statistics issued by the International Monetary Fund (IMF), net gold purchases during June reached 55 tonnes, with six central banks purchasing gold during this period.
One of the largest purchasers of gold was the Central Bank of Turkey, which also resumed purchases after having been a net seller during recent months due to a ban on gold imports after an earthquake in February. Nonetheless, the Central Bank of Turkey added 11 tonnes to its official reserves, which reached 440 tons by the end of June.
Krishan Gopaul, senior analyst fo
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