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Central bank demand for gold continues to surge

Central bank demand for gold continues to grow according to the latest data from the World Gold Council. Its January figures indicate a 16% month-on-month increase with 31 tonnes of gold acquired, the majority of which was destined for reserves in Turkey, China and Kazakhstan.

Turkey holds the position of largest buyer for the month, with an additional 23 tonnes taking its total holdings to 565 tonnes. China, which purchased 62 tonnes in November and December added another 15 tonnes while Kazakhstan’s central bank grew its holdings to 356 tonnes. It purchased four tonnes of gold in January.

Strong central bank demand is expected to be an ongoing theme, with the World Gold Council expecting to see elevated levels through 2023. “Geopolitical uncertainty and high inflation were highlighted as key reasons for holding gold,” World Gold Council analysis confirmed. “We see little reason to doubt that central banks will remain positive towards gold and continue to be net purchasers in 2023. The healthy January data we have so far gives us little reason, at this time at least, to deviate from this outlook.”

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