look news india
Mumbai: Due to the recent high prices of gold globally, apart from various funds, central banks of various countries have also seen an increase in gold purchases. Globally, there have been signs of increasing demand for gold as a safe haven amid wars between various countries. Some countries have also been seen buying gold to reduce the dominance of the dollar.
The Reserve Bank of India has purchased 27 tonnes of gold in October and so far this year the Reserve Bank has purchased 77 tonnes of gold. This year, such purchases have increased five times compared to 2023. Central banks from various countries bought a total of 60 tonnes of gold in October, setting a new record for monthly such purchases this year.
According to Turkish news, the state-owned Central Bank purchased 17 tons of gold from the world market in October. The Turkish government has been buying gold every month continuously for the last 17 months. Such monthly purchases in October have been the largest since December 2023. Turkey has bought 72 tonnes of gold so far this year.
In the month of October alone, there were reports of more gold being purchased than was purchased in the second quarter and third quarter. Apart from Türkiye, Poland’s state-owned National Bank bought 8 tonnes of gold in October, the 7th consecutive month that Poland’s purchases remained intact. This year, such purchase of 69 tonnes of gold has been recorded in Poland. The Polish government has indicated that such purchases will continue. The State Bank of Kazakhstan bought five tons of gold in October. Kazakhstan had been selling gold for five months and started buying gold in October. The Government of Ghana has also bought gold and its gold reserves have increased to 28 tonnes.