Global gold reserves experienced a significant surge in April, with a total increase of 33 tonnes. The Central Bank of Turkey was the leading contributor, adding 8 tonnes to its official gold reserves. This marks the 11th consecutive month of purchases, bringing the bank's year-to-date acquisitions to 38 tonnes and raising its overall official gold reserves to 578 tonnes.

Other key purchasers included the National Bank of Kazakhstan and the Reserve Bank of India (RBI), each adding six tonnes to their gold reserves. Conversely, the People's Bank of China (PBOC) experienced a significant slowdown, with an addition of less than two tonnes, marking its smallest monthly gain since November 2022. Additionally, March's net purchases were adjusted to only three tonnes after delayed reports of a 12-tonne sale by the Central Bank of the Philippines.

Rising gold prices in March also led four banks to increase their sales, indicating a reaction to market dynamics. The surge in gold reserves is a significant development, as it highlights the growing demand for gold as a safe-haven asset.