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From: Noha Al – Nahhas
Direct: Gold purchases by the central bank in the first half of 2019 reached their highest level since at least 2010.
Data released by the World Gold Council on Thursday That net purchases of gold by central banks In the first six months of this year, they reached 374.1 tonnes, the highest level since banks became net buyers in 2010.
In the second quarter of this year, central bank gold purchases increased 47 percent year on year to 224.4 tons.
C & # 39; was The reason for the increase Banks buying gold are the continuation of global conflicts as trade and geopolitical tensions continue to blur the global economy.
"This was reflected in the volatility of the financial markets during the last quarter, and central banks, like other investors, felt that gold was safe because they were looking for protect against many imminent risks, "says the report.
Nine central banks increased their gold purchases by at least a ton in the first half of this year.
Purchases of gold by the central bank over a period of nine years
C & # 39; was Poland is most of the countries Which bought gold last quarter of 100 tons.
The increase in Poland is the largest purchase of a central bank since the central bank bought 200 tons of gold from the IMF in November 2009.
As for Russia Gold purchases in the three-month period ending in June increased by 38.7 tons, for a total of 94 tons since the beginning of the year, compared to 105.3 tons for the same period in 2018 .
Russia accounts for 19% of the central banks' total precious metals reserves. In May, the Russian central bank offered discounts on gold purchases as traders were selling gold mainly to the central bank.
In China The Yellow Metal purchases of the People's Bank have increased by 74 tons since the beginning of 2019, with average monthly purchases of 12.3 tons.
And carry on Turkey Increased its gold purchases to 60.6 tons in the first half.
As for kazakhstan Gold reserves increased by 24.9 tonnes in the first six months of this year.
In India The central bank's purchases of yellow metal increased by 17.7 tons in the first half of 2019 and by 10.6 tons Ecuador, And 6.1 tons in Colombia.
The central bank announced The Philippines He announced at the end of May that he would start buying gold from a small group of exploration companies, with estimated purchases of one million ounces a year.
On the other hand Sale of central gold banks January to June, reaching 7.2 tons, or 2% of total purchases.
Four central banks sold their gold reserves in the first half of this year, to a ton or more Uzbekistan By 3.7 tons, Germany 3 tons And Tajikistan 1.8 tons Mongolia 1.7 tons.
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