World Gold Council: Central Banks and Other Institutions Purchase 228 mt of Gold in Q1, up 176% YoY

Central banks and other institutions bought 228 mt of gold in the first quarter of 2023, up 176% year-on-year, according to the World Gold Council. Looking ahead to 2023, investment demand for gold is set to take centre stage. The association believes that investment demand for gold will continue to grow at a healthy rate this year while manufacturing demand for gold (both for gold jewellery and for technology) will remain relatively stable. The global central banks are likely to continue to buy gold in a great amount in 2023, although the purchases will probably be lower than the record levels set in 2022. In addition, global gold mine production and gold recycling volume are likely to grow moderately.