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Gold February 01, 2023 06:10:42 PM

WGC: Gold Demand Hit Highest Level in Over a Decade

Paul Ploumis
ScrapMonster Author
The annual gold demand soared by 18% to 4,741t, nearly matching the peak demand recorded in 2011.

WGC: Gold Demand Hit Highest Level in Over a Decade

SEATTLE (Scrap Monster): The annual demand for gold surged to hit the highest level in 11 years during the previous year, said the Gold Demand Trends Report for Full Year 2022 published by the World Gold Council (WGC). The demand was mainly driven by strong central bank purchases, robust retail gold buying and weaker ETF outflows.

The annual gold demand soared by 18% to 4,741t, nearly matching the peak demand recorded in 2011. The demand touched a record of 1,337t during the fourth quarter of the year.

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The robust central bank gold purchases of 417t during Q4 last year lifted the annual purchases to a 55- year high of 1,136t. This is the second consecutive year that the central bank gold purchases reported surge. The investment demand surged higher by 10% in 2022 to total 1,107t. The demand for gold bars and coins registered marginal surge by 2% to 1,217t.

The net outflows from gold ETFs declined from 189t in 2021 to 110t last year, WGC report said. Also, jewellery consumption witnessed marginal dip by 3% to 2,086t, with Q4 accounting for much of the weakness. The demand for gold in technology witnessed sharp decline in Q4, leading to a year-on-year decline by 7%.

Meantime, the total annual supply of gold increased by 2% to 4,755t in 2022.

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