Global central banks boost Gold buying in October – ING
Central banks added a net 53 tonnes of Gold to reserves in October, marking the strongest monthly increase since November 2024, with Poland and Brazil leading the charge. Year-to-date purchases reach 254 tonnes, while China continues its 12-month buying streak and Russia trims holdings slightly, ING's commodity experts Ewa Manthey and Warren Patterson note.
Russia sells 3 tonnes amid rising global demand
"Global central banks stepped up Gold buying in October, adding a net 53 tonnes to reserves. This marks a 36% increase from September and the strongest monthly gain since November 2024, according to the World Gold Council. Year-to-date purchases stand at 254 tonnes, a slower pace than the previous three years as higher prices temper demand."
"Poland remains the standout buyer, leading both October and year-to-date with 83 tonnes. After a five-month pause, the National Bank of Poland resumed purchases, adding 16 tonnes last month and lifting its holdings to 531 tonnes, or 26% of total reserves. Brazil matched Poland’s October purchases. It added 16 tonnes for a second consecutive month, bringing its reserves to 161 tonnes (6% of total reserves)."
"China’s central bank, another top buyer, reported Gold purchases for 12 consecutive months, adding 0.9 tonnes in October, lifting the total to 2,304 tonnes. In contrast, Russia was the only seller during the month, trimming holdings by 3 tonnes."
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