3/15/2023 0 Comments $20 gold coin watchThese two banks do not regularly publish information about their acquired assets. Speculations say these banks could include the People’s Bank of China ( PBoC) and the Bank of Russia. These banks do not publicly report their gold pile purchases, and the WGC did not give hints about which countries these could be. However, the WGC says that some undisclosed top financial institutions purchased an enormous amount of gold. The central banks of Turkey, Uzbekistan, Qatar, and India were the top buyers of gold in Q3 2022. Interestingly, the total gold purchases from January to September 2022 sit at 673 tonnes, exceeding the yearly purchases ever recorded since 1967. The financial action pushed down the price of gold by 8 percent in Q3 2022.įurther information from the WGC shows that the Q3 2022 gold purchase by central banks is the highest quarterly report recorded since 2000. Most gold investors sold shares in gold-backed ETFs when the interest spiked and invested in other assets. The demand to invest, excluding OTC, slumped by 47 percent year-on-year to 124 tonnes.Īlthough gold is considered a risk-free investment during uncertain financial conditions, many investors are not holding onto their assets. However, there was a reduction in bullion storage at exchange-traded funds (ETF). Regardless of the deteriorating global economy, gold’s jewelry consumption peaked at 523 tonnes, gaining 10 percent year-on-year. In the latest quarterly report of the WGC, the firm said there was a strong demand from jewelers and casual buyers of gold bars and coins. WGC believes the purchase of Gold bars by many central banks triggered the need for the precious metal. The sudden increase in demand shows that gold is back to pre-pandemic levels. The demand for gold was 922 tonnes in Q3 2021. Reports show that gold demand, excluding over-the-counter sales in Q3, was 28 percent higher year-on-year, sitting at 1,181 tonnes.Ĭomparing Q3 2022 to Q3 2021, this year’s requests increased by 18 percent. The gold authority firm evaluated the total gold transaction by apex banks to be $20 billion. According to the World Gold Council (WGC), Central banks purchased 399 tonnes of Gold in Q3 2022.
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