Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.
Gold purchases by global central banks reached a record for the first nine months of this year, according to a report from the World Gold Council released Tuesday.
“With central-bank demand resuming its voracious pace after a slower Q2, we expect the annual total to approach last year’s record,” the report said. There’s also “an outside possibility it will exceed that figure.” It now seems all but certain that central banks are on course for “another colossal year of buying,” the World Gold Council’s report said, adding that the strength of buying has “to some degree” exceeded its expectations.
The National Bank of Poland added a further 57 metric tons to the 48 metric tons it bought in the second quarter, bringing its total year-to-date gold accumulation to 105 tons. The report suggested that Poland’s purchases may continue, pointing out that in early October that NBP President Adam Glapiński said the national bank would continue to buy gold and that the “dream” is to reach 20% of total reserves. It currently holds 334 tons of gold, according to the World Gold Council.
Within the investment-demand segment of the market, gold exchange-traded fund outflows slowed in the third quarter of this year, but bar and coin demand rebounded in both India and China, bringing up the overall investment-demand figures, said Cavatoni.
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