Annual gold demand increased 18 per cent last year to 4,741 tonnes, the largest amount since 2011, driven by a 55-year high in central bank purchases, according to the World Gold Council
Central banks hoovered up gold at a historical rate in the second half of the year, a move many analysts attribute to a desire to diversify reserves away from the U.S. dollar after the U.S. froze Russia’s reserves denominated in the currency as part of its sanctions against Moscow. Retail investors also piled into the yellow metal in a bid to protect themselves from high inflation.
“Since 201,0 central banks have been net purchasers of gold following two decades of net sales. What we have seen recently in this environment is central banks have accelerated their purchases to a multi-decade high,” he says. Gold industry analysts widely believe the remainder is accounted for by central banks and government agencies in China, Russia and the Middle East, which can include sovereign wealth funds.
Gold prices slid from a record high last March of more than US$2,000 per troy ounce to just more than US$1,600 in November as rising interest rates led to outflows from gold-backed exchange-traded funds equivalent to US$3-billion over the year. Gold produces no yield, dulling its appeal to investors when interest rates on low-risk bonds climb.
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