Record Jump in Demand for Gold Worldwide

Business | January 31, 2023, Tuesday // 16:28
Bulgaria: Record Jump in Demand for Gold Worldwide @Pixabay

A record rise in demand for gold is being reported around the world, with central banks worldwide ramping up their purchases, reported the Financial Times, citing data from the World Gold Council. Analysts believe that gold buying by regulators has reached a 55-year high.

According to FT estimates, gold demand in 2022 increased by 18% to 4,741 tonnes, the highest level since 2011. Annual gold purchases by central banks totaled 1,136 tonnes, more than double from 2021.

In the second half of 2022, regulators have increased purchases to historic levels. In the last quarter of 2022, regulators bought 417 tons of gold, which is almost 12 times more than the same period in 2021, the newspaper noted.

Analysts say central banks have increased gold purchases to diversify their dollar reserves amid a U.S. freeze on Russian reserves due to sanctions. Retail investors are also interested in buying gold to protect their capital from high inflation.

On January 24, the price of gold on the world spot market reached $1942.5 per troy ounce, the highest value since April 22 last year. Over the past three months, the price of gold has risen by 19%, and since the beginning of January - by 6%.

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