World gold prices continue to anchor in the high zone, maintaining above the support level of 4,700 USD/ounce in the context of stable buying demand from central banks. Many experts believe that buying power from the public sector is helping to significantly limit the risk of a sharp drop in precious metals.
According to newly released data, the People's Bank of China (PBoC) bought an additional 8.1 tons of gold in April, after adding 5 tons in March. This is the 18th consecutive month China has increased its gold reserves.
Analysts believe that China is taking advantage of market corrections to buy more gold, while maintaining the strongest buying rate since December 2024. In recent years, this country has always been considered one of the factors with a major influence on the trend of the global gold market.
Many opinions believe that it is very difficult to bet on the possibility of a sharp drop in gold prices when demand from central banks is still maintained steadily.
Ms. Barbara Lambrecht (commodity analyst at Commerzbank, a major German bank) said that the gold buying activity of central banks has become one of the most important drivers driving gold demand in the past 4 years.
According to this expert, although gold prices have increased sharply, the amount of gold purchased by central banks and public organizations in the first quarter still reached nearly 245 tons, an increase of 3% compared to the same period last year and slightly higher than the 5-year average.
Not only China, many other countries are also actively increasing gold reserves.
Mr. Krishan Gopaul (Senior analyst in charge of Europe, the Middle East and Africa (EMEA) at the World Gold Council) said that updated data shows that the Czech National Bank bought an additional 2 tons of gold last month. Since the beginning of the year, the agency's total net purchases have reached 8 tons, raising its gold holdings to more than 79 tons.
In addition, according to preliminary estimates, the Bank of Poland may have purchased about 13 tons of gold in April. However, this figure is still awaiting official confirmation from the reserve management agency.
