Central Banks Continue Gold Accumulation in May, Signaling Commitment to Reserve Asset

Central banks globally remained net buyers of gold in May, increasing official gold reserves by a net 41 tonnes. Notable purchases included 18 tonnes by the National Bank of Poland, 7 tonnes by the National Bank of Kazakhstan, and 4 tonnes by the Monetary Authority of Singapore. A record 45% of central bankers anticipate their institutions' gold reserves to increase over the next 12 months, highlighting a sustained commitment to gold as a reserve asset.