28 February 2023
2022 was a milestone year for the gold market, in that we witnessed the largest volume of central bank gold buying ever recorded. As inflation grew and international sanctions were applied, central banks began building larger gold reserves. Of the 1136MT purchased by central banks last year, 800Mt were bought in the second half alone*. To put this into perspective, when central banks previously purchased gold, the average would normally be between 400-600MT