NextGen Day

In 2022, the demand for gold reached a level not seen in a decade, reaching 4,741 tons, thanks to active central bank purchases and significant retail investment in the previous three months.

The World Gold Council’s Gold Demand Trends report on Tuesday indicated that demand for gold increased by 18% from the previous year.

According to Louise Street, senior markets analyst at the World Gold Council, “last year we saw the biggest level of annual gold demand in almost a decade, driven in part by massive central bank demand for the safe haven commodity.”

According to the council, central bank demand increased 152 percent year over year to 1,136 tons in 2022, a 55-year high, and “the majority of which was unreported.”

Investment demand (excluding over-the-counter) rose by 10% from a year earlier to 1,107 tons in 2022, driven by robust demand for gold bars and coins and a noteworthy slowdown in exchange-traded fund (ETF) withdrawals.

As rising interest rates forced some tactical ETF outflows, higher inflation boosted investment in gold bars and coins, according to Street, “gold’s multiple demand drivers played a balancing act.”

Due to a 3 percent decline in jewelry demand to 2,086 tons last year, gold prices rose in the fourth quarter.

In 2022, the demand for gold in the technology sector decreased by 7% as consumer electronics consumption was impeded by weakening global economic conditions.

In 2022, the total annual supply of gold increased by 2% annually to 4,755 tons, while mine production reached a four-year high of 3,612 tons.

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