Watch a gold trend, Central Banks sales gold!
Central banks gold buying offset by gross sales of 23.3t! At the Market Intelligence Group, World Gold Council (WGC) learned that by following net purchases in October, central banks returned to net selling in November. Global official reserves declined by 6.5t during the month. Like August and September, when central banks were also net sellers, this was the result of continued moderate buying being offset by a few sizeable sales. At a country-level, we can see that gross purchases amounted to 16t in November, broadly consistent with the levels of gold accumulation in August and September. Uzbekistan added another 8.4t to their gold reserves, while Qatar (3.1t), India (2.8t), and Kazakhstan (1.7t) were the other countries to increase official gold reserves in November. But this buying was more than offset by gross sales of 23.3t. In Turkey, higher local demand led to increased trading between domestic commercial banks and the central bank resulting in a 20.9t re...