According to the WGC, there had been an addition of 31 tonnes to the global gold reserves in January. The total, which represents a 16 percent monthly increase, fell comfortably within the 20-to-60-tonne range of reported purchases over the last 10 consecutive months of net buying.

According to Mining.com, the WGC data showed that the activity was relatively concentrated during the month, with only three banks accounting for gross purchases of 44 tonnes and one bank offsetting this with 12 tonnes of sales.

"Focus on this sector of the gold market has been intense in recent months, owing to the record level of buying from central banks in 2022. We have faced questions from some investors on whether central banks will sustain this appetite for gold," said Krishan Gopaul, senior analyst at WGC. (Related: Central banks all over the world are buying gold at a furious pace.)