According to a latest note by the World Gold Council (WGC), the RBI bought 19 tonnes of gold in the first quarter of the current calendar year 2024 (Q1-CY24/Q4FY24). This dwarfs the 16 tonnes of gold it bought in the whole of 2023, the WGC note said.
With central banks accelerating their gold purchases to above 1,000 tonnes per year in 2022 and 2023, WGC believes the market is finally beginning to appreciate the importance of their contribution to gold demand. "Accounting for almost a quarter of annual gold demand in both those years, many have attributed central banks' ongoing voracious appetite for gold as a key driver of its recent performance in the face of seemingly challenging conditions: namely, higher yields and US dollar strength," the WGC said.
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