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Gold Demand Hit 11-Year High in 2022
Massive central bank purchases coupled with strong retail investor buying and slowing outflows from ETFs drove overall demand higher.
Gold demand last year was on par with 2011, "a time of exceptional investment demand," according to the WGC.
Central banks bought 1,136 tons of gold last year. It was the second-highest level of net purchases on record dating back to 1950. It was the 13th straight year of net central bank gold purchases.
Central banks added 417 tons of gold to their reserves in Q4, bringing the total in H2 to 862 tons. This was due to a combination of reported buying by central banks in Turkey, India, Uzbekistan, and many other emerging markets, along with an estimate for significant unreported buying. Central banks that often fail to report purchases include China and Russia. Many analysts believe China is the mystery buyer stockpiling gold to minimize exposure to the dollar.