Gold demand soared to an 11-year high in 2022 on the back of 'colossal central bank purchases, aided by vigorous retail investor buying,' according to the World Gold Council.
Investment demand for gold increased by 10% to 1,107 tons, while holdings of gold ETFs saw smaller outflows in 2022 than in the previous year.
Total annual gold supply inched 2% higher in 2022 to 4,755 tons, with mine production notching a four-year high of 3,612 tons."This marked a banner year for central bank buying: 2022 was not only the thirteenth consecutive year of net purchases, but also the second highest level of annual demand on record back to 1950, boosted by +400t demand in both Q3 and Q4," the WGC said.
"It's hardly surprising then that in a year scarred by geopolitical uncertainty and rampant inflation, central banks opted to continue adding gold to their coffers and at an accelerated pace."
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