Central banks swing to net gold sales in November

Global gold reserves fell by 21.5 t in November, marking the first monthly decline since January 2021 when central banks collectively sold a net 11.2 t.

The World Gold Council (WGC) explains that selling activity in November was dominated by four central banks, led by Uzbekistan selling 21.5 t, Turkey selling 7 t, Russia selling 3.1 t and Kyrgyz Republic disposing of 1.4 t.

Net purchases were observed from Kazakhstan, which bought 4.3 t; Poland, which added 3.4 t to its reserves; and India and Ireland, which bought 2.8 t and 0.7 t, respectively.

The council says that, despite the swing to net sales in November, central banks remain on track to be net buyers for the full 2021.

The WGC will publish its full-year findings in its ‘Gold Demand Trends’ report at the end of January.