Gold demand up in 2022 to hit 11-year high ‎

Gold demand rose to an 11-year high in 2022 on the back of “massive buying by central banks, along with active buying by retail investors.”

According to the World Gold Council, annual gold demand jumped 18% to 4,741 tons over the year, the largest annual figure since 2011, boosted by record demand in the last quarter of 1,337 tons.

The group interested in the gold industry attributed the increase to the rise in central bank purchases to the highest level in 55 years at 1136 tons. This represents an increase of 152% over 2021, when central banks bought 450 tons of gold. The World Gold Council attributed the rise to Geopolitical uncertainty and high inflation

According to the group’s annual survey, the main motives behind holding gold were its “performance in times of crisis” and “its role as a long-term source of value.”