After the World Gold Council (WGC) third quarter report showing central banks buying a record amount of gold, data released by the World Gold Council shows central banks buying more gold during the fourth quarter of 2022. Statistics show that the gold they hold The world’s central banks are at the highest level since 1974.
Central banks continue to acquire gold in the fourth quarter, and the United Arab Emirates buys the largest amount of gold bars in October
Central banks around the world buy massive amounts of gold and during the first week of November, the World Gold Council (WGC) Report It showed that central banks bought a record amount of bullion. WGC data for the third quarter of 2022 indicated that central banks accumulated nearly 400 tons in the third quarter, the highest quarter ever in terms of gold purchases.
WGC also noticed a mysterious gold buyer during the third quarter and China as well Suspect To be the secret buyer of gold. New stats From the WGC, published after the Q3 2022 report, it shows that during the month of October, central banks around the world acquired 31 tons of gold. The Central Bank of the United Arab Emirates (UAE) bought most of the gold in October, adding another 9 tons of gold to the country’s stockpile.
Data from the World Gold Council indicates that the UAE obtained 18 tons of gold during 2022. At present, the total amount of gold obtained by central banks around the world is at its highest level in 47 years, or since 1974. Measures show that Uzbekistan has accumulated another 9 tons of gold to its reserves after buying the precious metal for seven consecutive months. Uzbekistan bought 37 tons of gold this year and gold represents 60% of the country’s total reserves.
The data also shows that the National Bank of Cambodia managed to buy two tons of gold in September, and Kazakhstan acquired three tons of the precious yellow metal in October. Central banks obtain the precious metal gold to diversify their foreign reserves. Basically, it is believed that the precious metal can reduce the overall risk of its reserves because gold has been considered a safe-haven asset for thousands of years.
The central banks of the world traditionally obtain gold from large commercial banks or directly from gold mining companies. Gold has performed well over the past two weeks, and as of Wednesday, an ounce is currently trading for $1,778 per unit. Since November 3, 2022, gold has increased by 9.15% against the US dollar, from $1,629 an ounce to the current value of $1,778 an ounce on Wednesday, December 7, 2022.
What do you think about central banks buying record amounts of gold in 2022? What do you think of the recent central bank purchases of gold in October? Tell us what you think about it in the comments section below.
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