In the first half of 2024, central banks bought a record 483 metric tons of gold, which added a lot to their gold stocks. This amount is 5% more than the previous record of 460 metric tons set in the first half of 2023. Central banks bought 183 metric tons of gold in the second quarter alone, which is a 6% increase from the same time last year.
It was the National Bank of Poland, the Reserve Bank of India, and the Central Bank of Turkey that bought the most during this time. Poland’s central bank president, Adam Glapinski, has said that the country will keep adding to its gold reserves with the goal of making them 20% of all its funds.
Even though people bought a lot of gold at once, Bitcoin did better than gold in 2024. Bitcoin has gone up 37% so far this year, even though it has recently gone down 22% from its March high point. Gold prices, on the other hand, hit an all-time high of $2,525 an ounce on August 27. However, they have gone up 23% so far this year.
People are paying more attention to how gold has been doing lately, but Bitcoin is still doing better this year. This trend shows that Bitcoin’s popularity and growth are still strong, even though central banks are buying record amounts of standard assets like gold.
