Sanctions fear drives surge in central bank gold purchases
China, Turkey and India are largest declared buyers, while Russia probably bought big quantities
Central banks made their largest gold purchases for 55 years in 2022, in largely unreported transactions, the World Gold Council said today (January 31).
The third and fourth quarters saw “huge central bank demand”, which drove global gold demand to its highest level in 11 years, the WGC said. Several observers said central banks were switching reserves from foreign currency, vulnerable to sanctions regimes, to gold.
Total central bank demand for the year reached 1,136 tonnes, worth
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