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Record central bank buying lifts global gold demand, gold council says
By Peter Hobson
Reuters
Tuesday, November 1, 2022
LONDON -- Central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, helping to lift global demand for the metal, the World Gold Council said today.
Demand for gold was also strong from jewellers and buyers of gold bars and coins, the gold council said in its latest quarterly report, but exchange traded funds storing bullion for investors shrank.
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Gold is typically seen as a safe asset for times of uncertainty or turmoil.
But many financial investors sold shares in gold-backed ETFs as interest rates rose and pushed up returns on other assets. ...
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