Global central banks stepped up gold buying in October, adding a net 53 tonnes to reserves. This marks a 36% increase from September and the strongest monthly gain since November 2024, according to the World Gold Council. Year-to-date purchases stand at 254 tonnes, a slower pace than the previous three years as higher prices temper demand.
Poland remains the standout buyer, leading both October and year-to-date with 83 tonnes. After a five-month pause, the National Bank of Poland resumed purchases, adding 16 tonnes last month and lifting its holdings to 531 tonnes, or 26% of total reserves. Brazil matched Poland’s October purchases. It added 16 tonnes for a second consecutive month, bringing its reserves to 161 tonnes (6% of total reserves). China’s central bank, another top buyer, reported gold purchases for 12 consecutive months, adding 0.9 tonnes in October, lifting the total to 2,304 tonnes. In contrast, Russia was the only seller during the month, trimming holdings by 3 tonnes.
The latest LME COTR report shows speculators increased their net long position in copper by 3,560 lots, bringing the total to 68,412 lots for the week ending 28 November. Net bullish bets on aluminium also climbed, rising by 5,206 lots to 116,335 lots by the end of last week.