by Mike Maharrey
GoldSeek
Central banks have been aggressively adding gold to their reserves over the last three years, and several African banks are poised to join the party.
On net, central banks officially increased their gold holdings by 1,044.6 tonnes in 2024. It was the 15th consecutive year of expanding gold reserves.
Last year was the third-largest expansion of central bank gold reserves on record, coming in just 6.2 tonnes lower than in 2023 and 91 tonnes lower than the all-time high set in 2022. (1,136 tonnes). 2022 was the highest level of net purchases on record, dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.
Many of these countries are seeking to diversify their holdings and minimize their dependence on dollar assets due to the U.S. weaponization of the dollar.