Central Banks Are Buying Gold At The Fastest Pace In 55 Years ...Middle East

OILPRICE - Economy
Central Banks Are Buying Gold At The Fastest Pace In 55 Years
source : OILPRICE ( Middle East ) () 41
Central banks globally have been accumulating gold reserves at a furious pace last seen 55 years ago when the U.S. dollar was still backed by gold. According to the World Gold Council (WGC), central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, with global demand for the precious metal back to pre-pandemic levels. Retail demand by jewelers and buyers of gold bars and coins was also strong, the WGC said in its latest quarterly report. WGC says that the world's gold demand amounted to 1,181 tonnes…

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