Greek households sharply cut gold sovereign purchases in first half of 2024

The Bank of Greece reported that Greek private investors bought only 2,095 gold sovereigns in the first six months of 2024, the lowest semi‑annual volume recorded in the bank’s 25‑year history. By contrast, private sellers disposed of nearly 14,000 sovereigns during the same period. The decline coincided with a sharp drop in gold prices after a January peak above €1,200 per sovereign; by June the bank was selling at €946 and buying at €808. The price of physical gold bullion also fell, from around $5,589 per ounce at the end of January to about $4,120 per ounce. A recent World Gold Council survey showed most central banks expect to increase their gold reserves over the next year.