Last week, the World Gold Council raised its expectations that central banks will be close to buying a record amount of gold this year, nearly or potentially exceeding last year’s record. Analysts note that China continues to dominate the gold market.
While China continues to lead central banks in overall demand, they are not alone in increasing their gold reserves. “The strength of buying has, to some degree, exceeded our expectations. While we were confident that central banks would remain net purchasers in 2022, we thought it unlikely that it would match last year’s record buying volume. Should buying continue to be strong in Q4, the full-year total could get closer than we anticipated,” the analysts said in the report.
“Gold is a well-rounded asset that can play a vital role in portfolios by providing long-term returns, diversification, especially in times of need, and providing liquidity,” he said.
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