Gold purchases from global central banks up 25% in Q3 2017

The central bank of Russia added 63 tons to its gold holdings in the third quarter. Since the beginning of the year, the Central Bank of the Russian Federation has increased its reserves by 164 tons. The central banks of Russia, Turkey and Kazakhstan were the dominant buyers for a three-month period from July to September in 2017.

Global central banks have increased their holdings of gold, adding another 111 tons in the third quarter of 2017. Gold purchases from the central bank were up 25% compared to the corresponding quarter in 2016. In the third quarter, a total of 88.8 tons were purchased. The annual volume of purchases amounted to 289.6 tons. As usual, Russia accounted for the majority of purchases, followed by Kazakhstan and Turkey.

Gold reserves in Russia at the end of the third quarter of 2017 amounted to 1,778.9 tons, which is 17% of the total global gold reserves by central banks and others. This year, Turkey's central bank bought 30.4 tonnes of gold, indicating a significant increase in direct purchases by the country's central bank. As of the end of September, the country's gold and foreign exchange reserves, excluding the assets of commercial banks, amounted to 167.4 tons. Meanwhile, Kazakhstan reported another strong purchasing quarter. Over the past five years, the country has continuously increased its gold reserves. In the third quarter of 2017, gold purchases in Kazakhstan amounted to 10.3 tons.