November 2024 saw continued robust central bank gold demand, with a net addition of 53 tons to global official holdings. The National Bank of Poland emerged as the dominant buyer, adding 21 tons to reach 448 tons total, approaching its 20% reserves target. Other significant purchasers included Uzbekistan (9t), India (8t), and China, which resumed buying with a 5-ton addition after a six-month break. The buying trend reflects emerging markets’ growing preference for gold as a stable asset amid global economic uncertainties. India solidified its position as 2024’s second-largest buyer with year-to-date purchases of 73 tons, while smaller players like the Czech Republic continued consistent monthly acquisitions. However, some institutions moved in the opposite direction, with Singapore selling 5 tons and Finland announcing a strategic 10% reduction in its gold reserves to strengthen its foreign exchange position. The post-US election price dip in November appears to have provided an attractive entry point for several central banks, contributing to the strong buying activity.

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