China Buys gold…
The World Gold Council’s most recent analysis confirms that 2022 was a record year for central bank gold demand.
The report simply reiterates important bullish fundamentals supporting the gold market, despite the fact that that is more of an accounting story. Even if central banks are not anticipated to purchase a record amount of gold in 2023, they are anticipated to keep doing so.
Already, there is steady demand coming from the People’s Bank of China. The central bank of China purchased 15 tonnes of gold last month, according to data. China has grown its gold holdings for a third month running. This trend is not anticipated to end anytime soon, according to some observers.
In its most recent buying binge, China accumulated 1,148 tonnes of the precious metal over the course of 17 years, from 2002 to 2019.
Analysts are monitoring investment demand for the precious metal in addition to central bank demand. Investors largely stayed away from gold despite the fact that prices rose more than $300 from their two-year lows in November and the greatest start to the year in a decade.