SMM: the latest report of the World Gold Council (WGC) shows that the gold demand of central banks around the world slowed down significantly in July.
Central banks around the world bought only 8.2 tonnes of gold net in July, the lowest level since December 2018.
According to specific data, Turkey bought 19.4 tons of gold in July, the central bank of Qatar bought 3.1 tons, the central bank of India bought 2.8 tons, and the central bank of Kazakhstan bought 1.9 tons.
Meanwhile, Uzbekistan sold 11.6 tons of gold and Mongolia's central bank sold 6.1 tons of gold. In fact, Mongolia's central bank has sold gold reserves for three months in a row.
In addition, WGC points out that both the Bundesbank and the Russian central bank hold on to half a tonne of gold reserves.
Although the rate of increase in gold holdings by central banks around the world fell to a low in July, central banks have increased their holdings by more than 200 tonnes so far this year. "
WGC believes that central banks will continue to buy gold.
"at present, the number of central banks selling gold exceeds the amount of gold bought. Eight central banks have sold gold and seven central banks have bought gold."
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