Central banks add 8.8 tonnes of gold to reserves in February

SourceThe National
SectorFinancial Services
CountryMiddle east

Central banks increased their gold purchases in February as they added 8.8 tonnes gold to their reserves during the month, according to the World Gold Council. Gold sales by the central banks outweighed purchases in January. Banking regulators around the world sold a net 25.5 tonnes of gold in January as combined sales from Turkey and Russia outweighed buying elsewhere, the trade body said on Wednesday. Meanwhile, central banks made net gold purchases of 20.6 tonnes in December 2020.

“Central banks tipped back into net purchases during February,” Krishan Gopaul, market intelligence manager at the World Gold Council, said in a blog post. ...read more...