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Gold demand surged to an 11-year high in 2022 on 'colossal' central bank buying - TL;DR CNBC

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.


Sentiment: MIXED

Tickers: .DXYXAU=WFCHSBA-GB

Keywords: marketscentral bankingu.s. economyasia economydxy us dollar currency indexwells fargo & cobusiness newshsbc holdings plcgold / us dollar spotcommodity marketseconomy

Source: https://www.cnbc.com/2023/02/01/gold-demand-surged-to-11-year-high-on-colossal-central-bank-buying.html


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