According to Goldman Sachs, central banks purchased 79 tonnes of gold in August, compared with a monthly average of 17 tonnes before 2022, more than four times as much. On a three-month seasonally adjusted basis, purchases are running at 85 tonnes per month, including about 25 tonnes from China in August, the largest identifiable buyer. The Dutch central bank transferred 86 tonnes of gold from New York and Ottawa to London, while the Banque de France sold 129 tonnes of New York gold, or 5% of its reserves, to buy gold in Europe. Gold holdings at the New York Fed declined by 40 tonnes in August, while those at the Bank of England rose by 46 tonnes, illustrating increased diversification of storage locations.
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