Gold: PBoC buying underpins central bank demand – Commerzbank
Finance Gold: PBoC buying underpins central bank demand – Commerzbank Commerzbank‘s Barbara Lambrecht reports that China’s central bank (PBoC) used a temporary Gold price dip in April to extend its buying streak to 18 months, with the largest addition since December 2024. Central banks and public institutions bought nearly 245 tons in Q1, slightly above the five‑year average, with Poland and Uzbekistan leading purchases. Persistent official sector accumulation trend “Chinas central bank took advantage of the temporary dip in gold prices and increased its reserves in April for the 18th consecutive month. At 8.1 tons, these were the largest purchases since December 2024.” “Central bank purchases have been among the key drivers of gold demand for over four years. Despite the significant rise in prices, purchases by central banks and other public institutions in the first quarter totaled nearly 245 tons, according to the WGC, which was 3% higher than the previous year and even slightly above the five-year average.” “The Polish and Uzbek central banks were the biggest buyers (31 tons and 25 tons, respectively); only 7 tons were attributable to Chinas central bank during this period. That figure is likely to rise this quarter.”