Central bank gold demand remained firm in November (Chart 1). Net purchases totalled 45t, with y-t-d figures pushing 297t, as emerging-market central banks continued their significant gold buying this year. Among these central banks, gold holdings for top buyers as a percentage of total reserves showed a wide range (Chart 2). Notably, activity has been concentrated in: • The National Bank of Poland bought 12t this month, continuing its buying streak since October. The purchase lifted its gold reserves to 543t, or almost 28% of total reserves at end-November prices.2 • The Central Bank of Brazil bought gold for the ... (full story)