China Was the Top Central Bank Gold Buyer in 2023

The People’s Bank of China (PBOC) was the world’s top central bank gold buyer in 2023, raising its yellow metal reserves by 225 tons throughout the year, according to new data from the World Gold Council (WGC). This marked the biggest single-year haul of gold since 1977. To finish the year, PBOC’s gold reserves stood at 2,235 tons, representing about 4 percent of the country’s massive $3.22 trillion international reserves. The other top central bank buyer was the National Bank of Poland, which raised its total gold holdings by 57 percent to 359 tons. The Monetary Authority of Singapore added 77 tons to its gold reserves, reaching 230 tons. The Central Bank of Libya and the Czech National Bank bought 30 tons and 19 tons, respectively....