Gold demand reached a decade high in 2022, due to "colossal" central bank purchases and retail investor interest.
According to the World Gold Council, annual gold demand increased 18% to 4,741 tonnes, the largest amount since 2011, driven by a 55-year high in central bank purchases and retail investors seeking protection from high inflation.
Central bank purchases hit 417 tonnes in Q4 2022, roughly 12 times higher than the same period in 2021, bringing the annual total to double the previous year at 1,136 tonnes.
Turkey, China, and Middle Eastern nations led reported purchases in 2022. The WGC predicts a revival in institutional investor demand for gold this year, with UBS raising its year-end target for the precious metal to $2,100 per troy ounce.
