Global gold demand soared to decade high in 2022: World Gold Council

ANI
05 Feb 2023, 23:37 GMT+10

New Delhi [India], February 5 (ANI): Annual gold demand in 2022 increased by 18 per cent on a yearly basis, hitting 4,741 tonne globally -- the highest total since 2011, World Gold Council's latest Gold Demand Trends report revealed.

"(It was) Boosted by a record fourth quarter, demand for gold was propelled by hefty central bank-buying and persistently strong retail investment," the report said.

Central banks' demand more than doubled to 1,136 tonne in 2022, up from 450 tonne the year before and to a 55-year high.

"Last year we saw the highest level of annual gold demand in over a decade, driven in part by colossal central bank demand for the safe haven asset," Louise Street, a senior market analyst from the World Gold Council, said.

"Gold's diverse demand drivers played a balancing act as rising interest rates prompted some tactical ETF (exchange-traded fund) outflows, while elevated inflation spurred on gold bar and coin investment. In the end, overall investment demand was up 10 per cent on the previous year," she said.

Turning to 2023, Street said economic forecasts are pointing to a challenging environment and a likely global recession, which could lead to a reversal in trends for investment in gold. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Orlando Echo.

More Information

76 ℉

Fair in Orlando/Executive

International

Section

Michigan man sentenced to prison term for keeping dead wife in freezer

MOUNT PLEASANT, Michigan: This week, a judge sentenced a Michigan man who kept his dead wife's body in a freezer ...

US CDC says life expectancy for newborns in 2022 gained a year

ATLANTA, Georgia: After two consecutive years of declines mainly caused by the COVID-19 pandemic, babies born in the U.S. in ...

Three more Israeli troops die in Gaza conflict, death toll hits 400

The number of soldiers in the Israeli army killed in the current Israel-Hamas war has topped 400. Three hundred and ...

Detention extended by Russian court of WSJ's US reporter

MOSCOW, Russia: A Russian court has extended the detention of Evan Gershkovich, a U.S. reporter for the Wall Street Journal, ...

Casualties mount again in Gaza as bombardments gather pace

Israel intensified its deadly bombardment of the Gaza Strip Saturday as renewed fighting with Hamas entered a second day following ...

Nikki Haley's 2024 Republican presidential bid endorsed by Koch Group

ARLINGTON, Virginia: This week, the conservative U.S. political network Americans for Prosperity Action (AFP Action), led by billionaire Charles Koch, ...