Aggressive Gold Buying by Different Countries Recently

Governments of many countries of the world have increased the purchase of gold.

The situation is such that even the knowledgeable are surprised by this fact. But it is a fact that many countries of the world have increased the purchase of gold.

This purchase of gold is not such that it is happening for the last one or two months. In fact, this purchase of gold has been going on since January this year.

Know How Much Gold Was Bought in the September Quarter

Governments around the world have bought about 400 tonnes of gold in the quarter from July to September. This purchase is so much that it has broken the record of the last 55 years.

Turkey has been at the top of this purchase of gold. After that there is number of Uzbekistan and Qatar.

It is worth noting here that when the government of a country buys gold, it means that the Central Bank of that country (like the Reserve Bank of India) is buying gold.

On the other hand, if we look at the purchase of gold by the governments since January till now, then it has become 673 tonnes.

Is India Also Buying Gold

If you want to know whether India is also buying gold, the answer is yes. In India, the Reserve Bank has bought gold twice in its gold reserve.

Once in July 13 tonnes of gold is bought and after that again in September 4 tonnes of gold is bought. Its India’s gold reserve has increased to 785 tonnes.

How Much Gold Has Been Sold Since January

If we look at the figures of the World Gold Council, then a total of 1,181 tonnes of gold has been sold in the third quarter.

If seen in terms of percentage, then there has been an increase of 28 percent on annual basis. According to the report of the World Gold Council, the demand for gold in the third quarter has reached the level before the epidemic.

Still Gold is Not Getting Expensive

Even after the huge demand for gold from the governments of the world, the rate of gold has not increased these days.

Rather, this gold is being sold cheaper than its all-time high by about Rs 6000 per 10 grams. Experts say that the huge increase in interest rates in the US is a major reason for this.

Dollar is getting stronger these days due to US policies. Due to this, investors around the world are taking advantage of this and investing in American bonds.

Due to this, gold is not visible as much as it should be. Due to this, the rate of gold is not going up.