WGC: Central Bank Gold Buying Peaked in H1 2023

SEATTLE (Scrap Monster): The World Gold Council (WGC) published Gold Demand Trends Q2 2023 report.

According to the report, the central bank gold demand hit new record during the first half of the current year, despite slowdown in buying during Q2. The central bank sentiment towards gold continues to remain positive as per survey conducted by the gold trade body, WGC report said.

The global net gold purchases by central banks totalled 103 tonnes in Q2 this year. Upon comparison with the prior quarter, the purchases were significantly down by 64%. Over the prior year quarter, the demand registered a decline by 35%. The dip in demand was mainly due to relatively lower volume of purchases coupled with higher sales, especially from Turkey. The Turkish Central Bank (TCMB) recorded net gold sales of 132 tonnes during Q2 this year.

The other notable sellers along with sales volume is as follows: Kazakhstan (38t), Uzbekistan (19t), Cambodia (10t), Russia (3t), Germany (2t), Croatia (2t) and Tajikistan (1t).

On the other hand, the three notable buyers of gold during H1 2023 were The People’s Bank of China, The Monetary Authority of Singapore and the National Bank of Poland.

Despite slowdown in Q2, the H1 2023 central bank gold demand totalled 387 tonnes, the highest first half demand on record.