Which central banks bought large quantities of gold in 2013?

The world might have fallen out of love with gold in 2013 (the shiny metal lost up to one-third of its price during the year), but central banks continue to be infatuated with the yellow metal.

According to the World Gold Council, central banks of some countries made significant purchases of gold in 2013.

Among them were Russia’s central bank (77 tonnes), Kazakhstan’s (28 tonnes), Azerbaijan’s and South Korea’s central banks (20 tonnes each).

Overall, central banks around the world made bought a net 369 tonnes of gold in 2013, 32% lower than their net purchases in 2012.

However, 2012 was an exceptionally good year for gold purchases by central banks, with demand soaring to levels not seen in almost 50 years, the World Gold Council says. So, the decline in 2013 purchases was anticipated, it adds.

In particular, gold purchases slowed towards the fourth quarter of last year as volatility increased in the market and central banks eased up on their foreign reserve accumulation.

Net sales for the year were reported at around 10 tonnnes, with Germany taking credit for the largest sale (by quantity) – 3.5 tonnes – of the shiny metal.

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[Note: The figures and chart have been taken from the World Gold Council’s report titled “Gold Demand Trends: Full Year 2013”]

[Cover Image Credit]

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