Gold demand surged to an 11-year high in 2022 on 'colossal' central bank buying
Publishing timestamp: 2023-02-01 05:28:21
Summary
Annual gold demand jumped 18% to 4741 tons in 2022, the largest annual figure since 2011, fueled by record fourth-quarter demand of 1337 tons and a 55-year high of 1136 tons bought by central banks. Investment demand for gold increased by 10% to 1107 tons, while jewelry consumption dropped 3%. Central banks from emerging markets were the largest buyers, with the Central Bank of Turkey buying a record 542 tons. Gold prices eked out a slight gain for 2022 with a 3% quarterly gain, but Wells Fargo noted that gold typically weakens in times of rising interest rates and a strong U.S. dollar. HSBC's chief precious metals analyst warned that rising prices could eventually begin to compress demand in 2023.
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Keywords: markets, central banking, u.s. economy, asia economy, dxy us dollar currency index, wells fargo & co, business news, hsbc holdings plc, gold / us dollar spot, commodity markets, economy,