The State Oil Fund of Azerbaijan's second quarter report shows its #gold reserves rose by 16 tonnes in Q2. This lifts its total H1 net purchases to 35 tonnes, and total gold holdings to 181 tonnes (almost 29% of total portfolio).

Global #gold ETFs registered net inflows of US$909mn last week (~6.6 tonnes). European and North American funds led inflows, while both Asia and other regions saw outflows. On a YTD basis, net inflows into gold ETFs is now US$40bn (~407 tonnes).

June #gold imports to India fell to the lowest level in 14 months, extending the decline for a third consecutive month. Persistently high prices have pressured local gold demand. Read more from Kavita Chacko on the Indian gold market:

Swiss #gold exports (HS7108) in June jumped 35% m/m, to 141 tonnes. A leap in exports to the UK - to the highest monthly level since August 2019 - was the primary driver and accounted for 60% of the month's gold exports.

"During H1, Chinese #gold ETFs registered their strongest semi-annual performance on record, adding RMB64bn (US$8.8bn)." Read more from my colleague @RayJiaGold on the latest developments in China's gold market:

The Qatar Central Bank added another 1 tonne to its #gold reserves in June updated IMF data shows. This brings its YTD net purchases to 5 tonnes, and increases its total gold reserves to 116 tonnes.

The below report indicates that the National Bank of Serbia has increased its #gold reserves, by an estimated 0.7 tonnes in June.

Data from the Central Bank of Turkey indicates that official #gold reserves (CB + Treasury) rose by 2 tonnes in June. YTD net purchases now 17 tonnes; total official gold reserves at 635 tonnes.

IMF data shows that #gold reserves at the National Bank of Kazakhstan rose by 7 tonnes in June - the fourth consecutive month of buying. This lifts YTD net purchases to 22 tonnes, and total gold holdings to 306 tonnes.

Czech National Bank #gold reserves rose by 2 tonnes in June, based on newly reported IMF data. This lifts YTD net purchases by the CNB to 11 tonnes, and total gold reserves to 62 tonnes.

Global #gold ETFs saw inflows of US$38bn during H1, boosted by positive June flows (US$8bn) and marking the strongest semi-annual performance since H1 2020. All regions saw inflows last month, led by North American and European investors. See the data:

Data published by the Central Bank of Uzbekistan shows its #gold reserves rose by 9 tonnes in June - the first monthly increase since January. However, it still remains a net seller YTD (18 tonnes). Gold reserves now total 365 tonnes.

The People's Bank of China has reported a 2 tonne increase in its #gold reserves in May - the eighth consecutive month of buying. This lifts YTD net purchases to 19 tonnes, and gold reserves to 2,299 tonnes.

Fascinating article on crystalline #gold and the market for these specimens [paywall].

Perth Mint #gold minted product sales rose 16% m/m and 46% y/y in June, to 32,901oz. This pushes YTD gold minted product sales to 189,047oz, 13% higher than H1 2024.

The Bank of Ghana has reported adding another 1 tonnes to its #gold reserves in June. Its YTD net purchases now total 2 tonnes, lifting its gold reserves to 33 tonnes.

Quarterly-average AISC for #gold rose to US$1,536/oz in Q1'25 - the highest quarter on record and the first time it has gone above US$1,500/oz in our series. This is 6% higher q/q and 11% higher y/y, showing that the trend of rising mining costs continues.

It seems to be central bank survey season! This time it's a UBS survey which finds that 52% of respondents plan to add #gold to their reserves in the next 12 months (sample size ~40). Geopolitics is also a key theme, echoing the findings from our own survey.

Here is the latest tally of the largest central bank #gold buyers and sellers, as at the end of May (where available). See all the data on Goldhub:

Interestingly, newly reported data shows that global central bank #gold demand actually increased m/m in April, as opposed to decreasing as we had previously stated (based on available data at the time).