FT: Demand for gold by central banks reaches a half-century high
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The purchase of this metal by central banks of different countries led to a record increase in demand for gold, writes Financial Times (FT) with reference to data from the World Gold Council. According to analysts, gold purchases by regulators have reached a 55-year high.
According to the FT, in 2022, the demand for gold increased by 18%, reaching a maximum since 2011, to 4,741 tons. The annual volume of gold purchases by central banks amounted to 1,136 tons, which is more than double the results of 2021.
According to the FT, regulators ramped up purchases to historic volumes in the second half of 2022. In the last quarter of 2022, regulators bought 417 tons of gold, almost 12 times more than the same period in 2021, the newspaper notes.
Analysts say central banks have ramped up gold purchases to diversify reserves to move away from the dollar amid US sanctions freezing Russian reserves. 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, which was the highest value since April 22 last year. Over the past three months, the price of gold has increased by 19%, since the beginning of January – by 6%.
More details – in the material “Kommersant” “Gold has been reserved in demand”.
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