{"id":18358,"date":"2023-03-05T23:23:00","date_gmt":"2023-03-05T23:23:00","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/central-banks-continue-to-show-strong-demand-for-gold-in-2023-says-world-gold-council-report-economics-bitcoin-news\/"},"modified":"2023-03-05T23:23:00","modified_gmt":"2023-03-05T23:23:00","slug":"central-banks-continue-to-show-strong-demand-for-gold-in-2023-says-world-gold-council-report-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/central-banks-continue-to-show-strong-demand-for-gold-in-2023-says-world-gold-council-report-economics-bitcoin-news\/","title":{"rendered":"Central Banks Continue to Show Strong Demand for Gold in 2023, Says World Gold Council Report \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Central banks show continued demand for gold in 2023, as per a recent report from the World Gold Council (WGC), which noted that the world\u2019s central banks accumulated 31 tons of the precious metal in January. Turkey was the largest gold buyer, adding 23 tons to its central bank\u2019s stash, while the People\u2019s Bank of China also purchased 15 tons of gold.<\/strong><\/p>\n

Central Bank Gold Purchases Remain Steady Despite Potential Challenges in 2023<\/h2>\n

At the time of writing, a troy ounce of fine .999 gold is $1,857.50 per unit, up 1.12% over the past day. Gold prices<\/a> have been down since Jan. 31, 2023, when the price per ounce reached $1,950 per unit against the U.S. dollar. On March 2, the World Gold Council (WGC) published a report<\/a> titled \u201cNo Dry January for Central Bank Gold Buying,\u201d which discusses how Jan. 2023 records show that the world\u2019s central banks have maintained the demand registered<\/a> at the end of 2022.<\/p>\n

According to Krishan Gopaul, the author of the report, many purchases came from Turkey, China, and Kazakhstan. \u201cIn January, central banks collectively added a net 31 tonnes (t) to global gold reserves (+16% m-o-m),\u201d Gopaul wrote. \u201cThis was also comfortably within the 20-60t range of reported purchases which has been in place over the last 10 consecutive months of net buying.\u201d<\/p>\n

Central bank purchases and sales accounted for 44 tons in Jan. 2023, with one central bank offsetting its stash by selling 12 tons. The largest gold buyer was the Central Bank of T\u00fcrkiye (Turkey), which acquired approximately 23 tons during the month. According to the country\u2019s records, Turkey now holds 565 tons of gold.<\/p>\n

\"Central<\/p>\n

China came in second, with the People\u2019s Bank of China acquiring 15 tons during the same time frame, as Gopaul detailed. \u201cThe National Bank of Kazakhstan increased its gold reserves by a modest 4 tons in January, taking its gold reserves to 356 tons,\u201d the WGC author explains. The report notes that the data is based on International Monetary Fund (IMF) records, and some of the data may be revised during the next WGC monthly report.<\/p>\n

In addition to Turkey, China, and Kazakhstan, the WGC author details that the European Central Bank (ECB) acquired two tons because Croatia joined<\/a> the eurozone, and the country was required to transfer its reserve assets to the ECB. The seller of the 12-ton sale of gold in January 2023 was the Central Bank of Uzbekistan, and the country now holds approximately 384 tons.<\/p>\n

The WGC report concludes that the organization has little doubt that central banks worldwide will continue to purchase gold during the rest of 2023. However, the WGC author stresses that the gold buying this year may not match the records set in 2022<\/a>. \u201cIt is also reasonable to believe that central bank demand in 2023 may struggle to reach the level it did last year,\u201d the report notes.<\/p>\n

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2023<\/a>, Assets<\/a>, buyer<\/a>, Central Banks<\/a>, China<\/a>, Demand<\/a>, ECB<\/a>, economics<\/a>, Economy<\/a>, European Central Bank<\/a>, Eurozone<\/a>, financial<\/a>, Global<\/a>, gold<\/a>, holdings<\/a>, IMF<\/a>, International Monetary Fund<\/a>, investment<\/a>, january<\/a>, Kazakhstan<\/a>, Krishan Gopaul<\/a>, Markets<\/a>, Metal<\/a>, net buying<\/a>, precious metal<\/a>, Price<\/a>, Purchases<\/a>, Records<\/a>, reserves<\/a>, sales<\/a>, seller<\/a>, troy ounce<\/a>, Turkey<\/a>, U.S. dollar<\/a>, Uzbekistan<\/a>, WGC<\/a>, World Gold Council<\/a><\/div>\n<\/div>\n

What do you think the future holds for central bank gold demand? Will it continue to rise or will it decrease in the coming months and years? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\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.

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

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