Central Bank Gold Demand Posted Record-Breaking Start to 2023

The Reserve Bank of India too added 7 tonnes of gold to its reserves during the initial quarter of the year, said the WGC report.

SEATTLE (Scrap Monster): The Gold Demand Trends Q1 2023 report by the World Gold Council (WGC) noted that central bank gold demand made a record-breaking start to the current year. The central bank demand totalled 228 tonnes during the quarter, higher by 34% from the previous record set in 2013.

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Four central banks accounted for the majority of gold purchases during the quarter. The single largest buyer was the Monetary Authority of Singapore (MAS), which added 69 tonnes during the quarter. The bank reported first increase in gold reserves since June 2021. The People’s Bank of China (PBoC) reported 58 tonnes rise in its gold reserves. Another major purchaser was Turkey, whose official reserves rose by 30 tonnes. The Reserve Bank of India too added 7 tonnes of gold to its reserves during the initial quarter of the year, said the WGC report.

On the other hand, the largest sellers were the Central Bank of Uzbekistan and the National Bank of Kazakhstan, which offloaded 15 tonnes and 20 tonnes during the quarter. The other notable sellers were Cambodia (-10 tonnes), UAE (-1 tonne) and Tajikistan (-1 tonne).

On the whole, central bank purchases continued to remain robust in Q1 this year. The purchases are expected to outweigh sales during the second quarter of the year as well, WGC hoped.

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