More central banks pile into gold: Singapore adds 17.3 tonnes to its reserves in March centralbanks gold
Even with gold trading at higher levels in March, the central bank of Singapore continued to add gold to its reserves throughout the month, according to the World Gold Council.
"This means they have bought 68.7 tonnes of gold in Q1'23, lifting gold reserves to 222.4 tonnes ," Gopaul said on Twitter. — Krishan Gopaul April 28, 2023 China was another country that kept adding gold to its reserves in March, with the People's Bank of China reporting an additional 18-tonne gold purchase. This marked its fifth consecutive month of gold buying, with China's total gold reserves now standing at 2,068 tonnes, according to the WGC.
With gold attempting to breach $2,000 an ounce in March, there was also some selling activity. Turkey's central bank, the top gold buyer in 2022, began offloading its reserves to help meet surging domestic demand. The central bank's data showed that gold reserves fell 9% in the last seven weeks. And the WGC reported that Turkey sold 15 tonnes of gold in March, marking the first monthly net sale since November 2021.
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