World central banks have bought a record 228 tons of gold in the first quarter of 2023. It is reported in the report of the World Gold Council (WGC).
Central banks have increased gold reserves by 228 tons in the first three months of 2023, which was the record for the first quarter since the beginning of the collection of such statistics in 2000. The volume of purchases is 34% higher than the previous first-quarter record set in 2013.
The publication pointed out that the biggest buyer of gold in the first quarter of 2023 was the regulator of Singapore - Monetary Authority of Singapore (MAS). He added 69 tons of gold reserves, which are now 45% more than in June last year. In second place is the People's Bank of China, which bought 58 tons in the quarter. At the back of the three is Turkey, which bought 30 tons of gold in the first three months of 2023.
According to WGC senior market analyst Louise Street, the role of gold in the world has begun to increase again amid turmoil in the banking sector, geopolitical tensions and difficulties in the global economy. Therefore, it is likely that the demand for gold will continue to grow this year.
On March 15, RIA Novosti, citing a statement from the press service of the Ministry of Finance (Ministry of Finance), reported that last year's demand for investment gold in the domestic market in Russia increased from 5 to 75 tons compared with 2020-2021 data. Significant growth in this indicator was due to the abolition of VAT on the purchase of gold bullion by individuals.