Central bank gold purchases soar to highest level since 1971
Russia, Turkey and Kazakhstan accumulated the most gold in 2018
Central banks’ net gold purchases rose to 651.5 tonnes in 2018, their highest level since 1971, according to data published today (January 31) by the World Gold Council.
The Bank of Russia, Central bank of the Republic of Turkey, and National Bank of Kazakhstan (NBK) completed the bulk of the acquisitions. Gold purchases rose year-on-year by 74%, up from 374.8 tonnes in 2017, says the WGC, an organisation backed by the gold industry.
“This is the highest level of annual net purchases since the
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