Central banks are maintaining their “historic pace” of gold buying — and their year-to-date demand has reached a “new record.”
The World Gold Council announced:
“The World Gold Council’s Q3 Gold Demand Trends report reveals that support for the asset continues as central bank buying maintains a historic pace, bringing quarterly gold demand (excluding OTC) to 1,147t, 8% ahead of its five-year average.
According to the World Gold Council’s data series, central banks saw the third strongest quarter of net buying, reaching 337t. Although shy of breaking the Q3 2022 record, year-to-date demand has reached 800t, a new record for our data series. This strong buying streak from central banks is expected to stay on course for the remainder of the year, indicating a robust annual total again in 2023.”
