Last year, the total global demand for gold was 4,741 tons. This is the highest rate since 2011.
Global central banks bought 1,136 tons of gold in 2022 for a total of nearly $70 billion. This is the largest volume since 1967, according to Reuters on Tuesday, January 31.
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In total, last year total global demand for gold was 4,741 tonnes, up 18% from 2021 and the highest since 2011.
“The data highlights a shift in attitudes towards gold since the 1990s and 2000s, when central banks, particularly in Western Europe, which hold large amounts of bullion, sold hundreds of tonnes in a year,” the agency wrote.
After the financial crisis of 2008-2009, European banks stopped selling gold, and more and more emerging economies such as Turkey, India and Russia started buying it.
Central banks “love” gold because it is expected to hold its value in “turbulent times” and, unlike currencies and bonds, is not dependent on any single issuer or government.
Gold allows central banks to diversify assets such as US Treasuries (bonds) and dollar bills.
At the same time, the World Gold Council (WGC) predicts that gold purchases by central banks in 2023 are unlikely to reach the level of 2022.
The media previously reported that Russia was secretly exporting gold from Sudan. In exchange for Moscow’s support, the military regime in this African country allows the precious metal to be freely exported.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.