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WGC says central bank gold demand hit an all-time high in 2022

Kitco News

(Kitco News) - It's official, central bank gold purchases hit an all-time high in 2022, according to updated research from the World Gold Council.

Last week the WGC released its latest Gold Demand Trends, which reported that central banks bought 1,136 tonnes of gold last year. Of that, more than 800 tonnes were purchased in the second half of the year, with central banks buying 417 tonnes in the last three months of 2022.

At the time, the WGC said that central banks' accumulation of gold was the second stronger year on record.

However, Tuesday, the WGC offered a correction to its report, saying that last year's purchases were a new record.

Record year or not, the WGC said it expects central banks to continue to be net gold buyers for the foreseeable future, even if the pace does slow from 2022 levels.

"Central bank purchases are highlighting the fact that gold remains a very important asset in the monetary system. Even though gold is not backing currencies anymore, it is still being utilized. Why? Because it is a real asset," said Juan Carlos Artigas, Global Head of Research at the World Gold Council, in an interview with Kitco News.

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