{"id":14257,"date":"2022-11-02T12:11:57","date_gmt":"2022-11-02T12:11:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/central-bank-gold-buys-this-year-reach-an-all-time-quarterly-high-in-q3-400-tons-purchased-is-the-most-on-record-economics-bitcoin-news\/"},"modified":"2022-11-02T12:11:57","modified_gmt":"2022-11-02T12:11:57","slug":"central-bank-gold-buys-this-year-reach-an-all-time-quarterly-high-in-q3-400-tons-purchased-is-the-most-on-record-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/central-bank-gold-buys-this-year-reach-an-all-time-quarterly-high-in-q3-400-tons-purchased-is-the-most-on-record-economics-bitcoin-news\/","title":{"rendered":"Central Bank Gold Buys This Year Reach an All-Time Quarterly High in Q3, 400 Tons Purchased Is the ‘Most on Record\u2019 \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

According to the World Gold Council\u2019s (WGC) latest quarterly report, worldwide gold demand, excluding over-the-counter (OTC) markets, was 28% higher year-over-year. While demand jumped higher than last year in the third quarter, central bank gold buying tapped an all-time quarterly record in Q3 2022. The quarterly report indicates that the world\u2019s central banks purchased close to 400 tons of gold and the WGC study says that it\u2019s the \u201cmost on record.\u201d <\/strong><\/p>\n

Q3 2022 Data Shows the World\u2019s Central Banks Stacked Close to 400 Tons of Gold<\/h2>\n

On Nov. 1, 2022, the World Gold Council (WGC) published the organization\u2019s \u201cGold Demand Trends Q3 2022\u201d report, which highlights the current trends tethered to gold and the precious metal\u2019s markets during the third quarter. WGC\u2019s report<\/a>, published on gold.org, says the third quarter was healthy and was driven by \u201cstronger consumer and central bank buying.\u201d WGC highlights that these factors helped year-to-date demand \u201crecover to pre-Covid norms.\u201d<\/p>\n

\u201cGold demand (excluding OTC) in Q3 was 28% higher y-o-y at 1,181t,\u201d WGC\u2019s report notes. \u201cYear-to-date demand increased 18% vs the same period in 2021, returning to pre-pandemic levels.\u201d<\/span><\/p>\n

\"Central<\/p>\n

While consumer demand for gold has risen, demand for gold from central banks has reached an all-time high, as far as central bank quarterly purchases are concerned. The biggest Q3 2022 buyers out of all the central banks stemmed from Turkey, Uzbekistan, and Qatar. <\/span><\/p>\n

\u201cTurkey remained the largest reported gold buyer this year,\u201d WGC\u2019s report details. \u201dIt added 31t in Q3, lifting its gold reserves to 489t (29% of total reserves). Year-to-date it has added 95t to gold reserves.\u201d<\/span><\/p>\n

\"Central<\/p>\n

WGC researchers noted that Uzbekistan is steadily stacking gold as it purchased 26 tons of the precious metal in Q3. The report explains that Uzbekistan has also been \u201ca consistent buyer of gold\u201d during the last two quarters.<\/p>\n

The Qatar Central Bank secured a record purchase when it bought 15 tons of gold during the third quarter. WGC says Qatar\u2019s gold purchase \u201cappears to be its largest monthly acquisition on record back to 1967.\u201d<\/p>\n

The WGC report details that there are also central banks that are not reporting their gold acquisitions. \u201cThe level of official sector demand in Q3 is the combination of steady reported purchases by central banks and a substantial estimate for unreported buying,\u201d the WGC report claims.<\/p>\n

Kazakhstan sold 2 tons of gold during the third quarter, and the country\u2019s central bank was the largest net seller in Q3. WGC researchers say that \u201cit is not uncommon\u201d for central banks \u201cto swing between buying and selling.\u201d The WGC study says that the official sector demand for gold confirms the findings from this year\u2019s annual central bank survey<\/a>.<\/p>\n

\u201cThe continued trend of official sector demand for gold corroborates findings from our 2022 annual central bank survey, in which one-quarter of respondents stated their intention to increase gold reserves in the next 12 months (up from one-fifth in 2021),\u201d the WGC researchers conclude in the central bank section<\/a> of the report.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
.999 gold<\/a>, Bullion Dealers<\/a>, central bank buying<\/a>, central bank gold<\/a>, Central Banks<\/a>, Coins<\/a>, Cryptocurrency<\/a>, demand for gold<\/a>, gold<\/a>, Gold Prices<\/a>, Gold Purchases<\/a>, Gold reserves<\/a>, Kazakhstan<\/a>, Premiums<\/a>, q3<\/a>, Q3 2022<\/a>, qatar<\/a>, retail investors<\/a>, Safe haven<\/a>, Turkey<\/a>, Uzbekistan<\/a>, WGC<\/a>, WGC study<\/a>, World Gold Council<\/a>, World Gold Council survey<\/a><\/div>\n<\/div>\n

What do you think about the World Gold Council\u2019s Gold Demand Trends Q3 2022 report? What do you think about the central bank\u2019s quarterly purchases being the most on record in Q3 2022? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n