Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year since 1967, the World Gold Council (WGC) said on Tuesday.
The data underline a shift in attitudes to gold since the 1990s and 2000s, when central banks, particularly those in Western Europe that own a lot of bullion, sold hundreds of tonnes a year.
Central banks like gold because it is expected to hold its value through turbulent times and, unlike currencies and bonds, it does not rely on any issuer or government."This is a continuation of a trend," said World Gold Council analyst Krishan Gopaul. Banks including those of Turkey, China, Egypt and Qatar said they bought gold last year. But around two-thirds of the gold bought by central banks last year was not reported publicly, the WGC said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This 136-year-old London coffee store doesn't need to move with the times | CNNAlgerian Coffee Stores opened on London's Old Compton Street in 1887 under the ownership of an Algerian national now remembered only as Mr. Hassan.
Read more »
This 136-year-old London coffee store doesn't need to move with the timesCustomers have a message for Algerian Coffee Stores: never change. Luckily, the Soho institution has no plans to alter its winning formula.
Read more »
He found an enemy soldier's diary after a Vietnam War battle. Now, he seeks its owner.Its lined pages were decorated with beautifully intricate drawings of flowers and landscapes and what appeared to be poetry, songs and journal entries.
Read more »
The 2% target: Central banks' inflation touchstone faces post-pandemic reckoningTop central bankers, who credit the use of a 2% inflation target with anchoring decades of stable prices, are facing the first full-on test of how well that approach to monetary policy works once prices have erupted, and how strictly they'll enforce it if damage to their economies intensifies.
Read more »
WTI stays below $78.00 as Western central banks set for their first rate hike of 2023West Texas Intermediate (WTI), futures on NYMEX, have shifted their auction below the crucial support of $78.00 in the early Asian session. On Monday,
Read more »