World Gold Council: Gold Buying Frenzy by Global Central Banks in First Quarter, Gold Investment to Outperform Past Years

The World Gold Council released the Global Gold Demand Trend Report on May 5, showing that in the first quarter of this year, the demand for gold from central banks of various countries soared, driving the total global gold demand (including the physical volume of OTC transactions) to increase by 1% year-on-year to 1,174 mt.

World Gold Council analysts pointed out that investment demand for gold is likely to increase this year, and central banks gold purchases are likely to remain strong.

The Report also pointed out that China's total gold jewelry consumption in the first quarter was 198 mt, an increase of 11% year-on-year and a quarter-on-quarter increase of 56%, which was the strongest performance in the first quarter since 2015.

The CEO of the World Gold Council in China said that this is due to the recovery of the Chinese economy and the pent-up gold jewelery demand in the previous quarters.

It is expected that the performance of physical gold investment demand in the second quarter of this year may exceed that of the same period in previous years.

Strong gold purchases by central banks around the world boosted gold demand in the first quarter

Wang Lixin, CEO of the World Gold Council China, said that in the first quarter of 2023, the total global gold demand (including the physical volume of over-the-counter transactions) increased by 1% year-on-year to 1,174 mt.

In the first quarter of this year, the demand for gold from central banks increased the global official gold reserves by 228 mt.

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