Central Banks Continue Gold Buying Spree, Purchases Up 14% This Year
-
China continues its gold buying spree, adding another 23 tonnes in October. This marks 12 straight months of gold purchases.
-
World Gold Council estimates that central bank gold purchases in 2022 will be close to or exceed last year's record amount.
-
Central banks bought 337 tonnes of gold in Q3 2022, making it the third strongest quarter on record.
-
Total central bank gold purchases so far in 2022 are 800 tonnes, up 14% versus last year.
-
Analysts say central bank demand highlights gold's role in diversification away from the US dollar amid growing debt and deficits.