Central banks’ gold purchases falling sharply – WGC

Paxos

Central banks reduced their net gold purchases by 39% year-on-year in the first half of 2020, according to the latest World Gold Council (WGC) report.

Reserve managers added 233 tonnes to their portfolios from January to June 2020, down from 385 tonnes during the same period in 2019, the report finds. This is also 6% below the first-half average since 2010 of 247 tonnes. But the WGC says it believes central banks’ demand for gold is likely to rise again, based on its survey data.

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