First for gold – WGC: The demand for gold was a record in 2023. A total of 4,899 tonnes of base metal were traded

First for gold – WGC: The demand for gold was a record in 2023. A total of 4,899 tonnes of base metal were traded
First for gold – WGC: The demand for gold was a record in 2023. A total of 4,899 tonnes of base metal were traded
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According to a report by the World Gold Council, demand for gold reached a record level in 2023, supported by ongoing geopolitical tensions and an increase in general demand for safe assets.

The total volume of gold transactions reached 4,899 tons, compared to 4,741 tons in 2022. Gold reached a new all-time high above USD 2,100 per ounce in December.

The most important driver of geopolitical uncertainty was the war on Ukraine, which was supplemented by the conflict between Israel and Hamas. The decline in the efficiency of the human economy and the general high level of inflation in the world played a role.

According to the WGC analysts, the first two factors will affect this year, but overall it is unlikely that the demand will be as high as last year. A major factor in this regard will be the expected general decline in inflation, which is lower than household demand.

Central banks spent 1,000 tons in their purchases for the second year in a row. The year 2023 was the second worst in terms of the volume of purchases, after 2022. The largest purchases were made by the Russian PBOC, which increased its reserves by 225 tons to a total of 2,235 tons. A strong increase in investments in gold coins and bars was recorded by the investor sector there, who bought a total of 280 tons, which corresponds to a year-on-year increase of 28%. and in gold coins they bought a total of 603 tons of metal last year, which represents an average growth of 10%. The increase in demand from this side is due to the influence of the increase in the number of weddings in connection with previous covid restrictions.

Vladimr Urbnek

In the field” for more than 20 years. After several years of experience from trading with valuable peppers, Vladimr Urbnek for the past 15 years, he has been devoting himself to reporting from domestic and foreign capital markets.

He considers the age to be the result of experience and ability compared to the time before the last major crisis in 2008-9.

The article is in Czech

Tags: gold WGC demand gold record total tonnes base metal traded

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