Gold demand in 2022 registers highest level in more than a decade – 01/31/2023 – Market

World gold demand in 2022 reached its highest level since 2011, spurred by record purchases by central banks, says a report by the World Gold Council (WGC) published on Tuesday (31).

Gold demand for the whole of 2022 was 4,740.7 tons, 18% more than in 2021.

“The big surprise of the year was obviously the record demand from central banks, which reached the highest level in 55 years, with purchases of more than 800 tonnes in the second half alone,” said Louise Street, an analyst at the organization.

Demand from these institutions reached 1,135.7 tons in 2022, against 450.1 tons in 2021.

Gold is highly prized by central banks, who use it “as a store of long-term value”, particularly in periods of high inflation, said the analyst.

At the same time, purchases of gold bars and gold coins continued to attract investors. Investment in bars and coins reached 1,217.1 tons in 2022, against 1,190.9 tons in 2021.