Central banks worldwide bought an estimated 79 tonnes of gold in August, according to Goldman Sachs, roughly four times the monthly average of 17 tonnes seen before 2022. Goldman said advanced-economy central banks largely did not drive that buying, since they already hold large gold reserves. China is estimated to have been the largest identifiable buyer, at about 25 tonnes in August.
Gold on our market data was at $4,003.69 an ounce as of 07:58 GMT on 27 October, near its 31-day low. Speculators were net long 199,865 CFTC contracts in the report of 20 October, down from 207,879 a week earlier.
Storage moves in focus
Goldman said the debate among advanced economies is no longer about how much gold they hold but where it is stored. The bank linked this to broader concerns about reserve security and trust between countries.
De Nederlandsche Bank confirmed it had moved 86 tonnes of gold from New York and Ottawa to London over six months. The central bank said the move eased trading in response to rising geopolitical instability, and that gold held in the Bank of England is considered the most liquid in the world.
Banque de France sale
Banque de France sold 129 tonnes of gold held in New York, about 5 percent of its holdings. The central bank cited a goal of raising gold purity above 99.99 percent, not geopolitics.
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Goldman’s survey found 12 percent of central banks declined to confirm where their gold is stored, up from 10 percent last year.
Related: Dutch central bank moves 86 tons of gold to London · Turkish central bank cuts policy rate to 36% in first cut in nine months
