Global central banks just recorded a massive month-on-month increase in their gold purchases.
According to the World Gold Council, global central banks purchased 27 tons of gold worth just over $4.6 trillion in February.
That’s a 575% increase from the four tons that the reserve banks bought in January.
“Just two months into the year, central banks have bought 31t, a pace much slower than the same period last year (50t).”
Gold is trading at $4,833 at time of writing.
Poland’s central bank was the largest buyer of gold among the global reserve banks, purchasing about 74% of the gold reserve banks bought in February.
“Central banks bought a net 27t in February, with activity driven by Poland (20t), a marked rebound after a lull in January.
Uzbekistan entered its fifth consecutive month of net buying (8t), followed by Kazakhstan (8t), Czech Republic (2t), Malaysia (2t), China (1t) and Cambodia
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