People’s Bank of China was largest gold buyer in Nov

Global gold ETFs outflows slowed significantly in November supported by net inflows into North American funds

FinTech BizNews Service

Mumbai, December 7, 2023: Global gold ETFs outflows slowed significantly in November supported by net inflows into North American funds.

Geopolitical risk and investor positioning helped push gold higher in the month, contributing to the change in trend in the US. So far in 2023, collective holdings of global gold ETFs are down by 7%, while total assets under management (AUM) saw a 5% increase amid a higher gold price.

Central banks’ summer of buying continues into October

• According to Krishan Gopaul, Senior Analyst, EMEA World Gold Council, Central banks added a net 42 tonnes to global official gold reserves in October. 
• The People’s Bank of China was again the largest buyer, followed by the Central Bank of Turkey and National Bank of Poland
• October saw higher sales volumes compared to the previous two months – led by Uzbekistan and Kazakhstan.

Central banks’ gold buying slowed in October but did nothing to alter the overall trend of robust buying that has captured the attention of gold investors. Reported global net purchases totalled 42 tonnes (t) during the month, 41% lower than September’s revised total of 72t, but still 23% above the January-September monthly average of 34t.