PBOC, MAS drive central bank gold purchases in 2023
The sustained pace of central bank purchases is unexpected and the trend could continue in the months ahead amid growing geopolitical tensions and a clouded economic outlook, said experts.
Central banks in China, Poland and Singapore emerged as the top three buyers of gold in 2023, with China maintaining the lead in the third quarter as well, according to newly-released data from the World Gold Council.
The People’s Bank of China (PBoC) claimed the title of the largest buyer globally, increasing its gold reserves by 78 tonnes during the quarter, according to the World Gold Council.
Since the start of the year, the PBoC has increased its gold holdings by 181 tonnes…
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