In Q1, central bank demand was up 17% quarter-on-quarter, despite an uptick in sales, with Poland and Uzbekistan leading the buying. The National Bank of Poland was once again the largest purchaser, increasing its gold reserves by 31 tonnes over the quarter to 582 tonnes. Despite recent statements by Governor Adam Glapiński about the possibility of selling some of its gold, the central bank appears to remain focused on reaching its 700 tonne target.
Reported sales also increased, specifically from Turkey, Russia and Azerbaijan. The largest seller of gold in Q1 was Turkey, where official sector holdings fell around 70 tonnes (approximately 10% of total official sector holdings) based on available reported data. The bulk of the sales came in March, with the bank utilising an additional 80 tonnes via gold swaps for FX and liquidity purposes.
This points to a slower but still…
