Central Banks Gold Procurement

Bars and coins saw 12% drop in the second quarter mainly due to China following the easing of currency concerns and high prices.

Global gold demand grew by 8 percent year-on-year to 1,123 tonne in the April-June quarter of 2019, mainly driven by central banks purchases and rise in investments in gold-backed ETFs, according to a report.

The overall demand in the second quarter of 2018 was at 1,038.8 tonne, according to the World Gold Council’s Q2 Gold Demand Trends report.

As per the report, central banks’ demand grew by 67 percent as they bought 224.4 tonne of gold in April-June 2019, compared to 152.8 tonne a year ago.

Poland was the largest purchaser during the quarter, as the country added 100 tonne to its reserves, bumping giant purchaser Russia into second place, the report said…Full Story