NEW DELHI: In a significant shift in the global gold market, India's Reserve Bank has emerged as the second largest buyer of gold in 2024, adding 8 tonnes to its reserves in November, according to the latest report from the World Gold Council (WGC). This brings India's total gold holdings to 876 tonnes as of the end of November.

Global central banks have been on a purchasing spree, collectively acquiring 53 tonnes of gold over the month, reflecting a growing preference for gold as a stable asset amidst persistent global economic uncertainties. The National Bank of Poland (NBP) emerged as the largest buyer, boosting its reserves by 21 tonnes and totaling 448 tonnes for the year.

The WGC noted that India's year-to-date purchases reached 73 tonnes, solidifying its position just behind Poland. The report highlighted a resurgence in gold buying, particularly after a dip in prices following the recent US elections, which may have encouraged central banks to enhance their gold portfolios.

Other notable players in the gold market included the Central Bank of Uzbekistan, which resumed purchases with 9 tonnes, and Kazakhstan's central bank, adding 5 tonnes for a total of 295 tonnes. The People's Bank of China also entered the market after a six-month pause, acquiring an additional 5 tonnes in November.

Additionally, the Central Bank of Jordan recorded its first increase since July, adding 4 tonnes to its total reserves of 73 tonnes, while Turkey's central bank expanded its reserves by 3 tonnes through gold-for-lira swap agreements to manage liquidity.

However, some central banks reduced their gold holdings. The Monetary Authority of Singapore was the largest seller in November, decreasing its reserves by 5 tonnes. This trend showcases the dynamic landscape of gold investment as leveraged by global economic conditions.

For deeper insights, the complete report can be accessed through the World Gold Council.