In 2022, central banks around the world bought a record amount of gold in the last half century. The banks’ gold reserves increased by 1,136 tons in total. The 11-year record was also set by total world demand for the precious metal.
In 2022, the central banks of the world’s states replenished their gold reserves by 1,136 tons, Reuters writes, citing data from the World Gold Council. The agency notes that this is a record figure since 1967, or for the past 55 years.
The maximum gold purchases by banks occurred in the second half of the year – in the fourth quarter they increased to 417 tons, which is 12 times more than in the same period of 2021.
According to Reuters, global gold demand in 2022 rose 18% year-on-year to an 11-year high of 4,741 tonnes.
Analysts attribute the high demand for gold to private investors’ interest in protecting their savings from high inflation. The reason for the growing interest in gold by banks, experts say, is an attempt to diversify reserves to replace the dollar in the context of sanctions, the agency explains.
Author:
Kirill Bilyk
Source: RB
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