Available data for February shows that reported global central bank gold reserves rose by 19t, the ninth consecutive month of growth. But a combination of slower gross purchases and a higher volume of sales meant that February’s buying was 58% lower than January’s total of 45t. On a y-t-d basis central banks report the addition of 64t over January and February, 43% lower than the same period in 2023 but a fourfold increase on 2022. {chart} As in preceding months, activity was mostly limited to those who have been regular buyers/sellers in recent years. • The People’s Bank of China was the largest buyer in the month, ... (full story)