Gold purchases by central banks and other institutions in the first quarter of 2023 will increase by 176% year-on-year

According to the World Gold Council, central banks and other institutions bought 228 tons of gold in the first quarter, a year-on-year increase of 176%.

The association believes that gold investment demand will continue to grow healthily in 2023, while gold manufacturing demand (including gold jewelry and technology gold) will remain relatively stable. Central banks around the world are likely to continue to buy gold aggressively in 2023, although the volume of purchases may be lower than the record set in 2022. In addition, there is likely to be modest growth in both global gold mine production and gold recycling.