The gold market is seeing steady support from various central banks across countries. In the initial months of 2023, many countries have been steadily increasing their gold reserves. China has remained the largest buyer of gold since the beginning of the year, with the People's Bank of China (PBOC) having bought a net 8.1 tons of gold in April alone, marking its 6th consecutive month of net buying. In total, China has bought more than 64 tons of gold, bringing its gold reserves to 2,076 tons.
Overall, central banks of countries have purchased a record-high 228 tons of gold. This group had already bought 1,078 tons of gold in 2022, which was the highest annual gold purchase since 1950 and more than double the 450 tonnes in 2021.
Many investors consider gold as a safe haven investment during times of global de-dollarization, high inflation, and geopolitical instability.
Overall, central banks of countries have purchased a record-high 228 tons of gold. This group had already bought 1,078 tons of gold in 2022, which was the highest annual gold purchase since 1950 and more than double the 450 tonnes in 2021.
Many investors consider gold as a safe haven investment during times of global de-dollarization, high inflation, and geopolitical instability.
