According to the World Gold Council’s (WGC) latest quarterly report, worldwide gold demand, excluding over-the-counter (OTC) markets, was 28% higher year-over-year. While demand jumped higher than last year in the third quarter, central bank gold buying tapped an all-time quarterly record in Q3 2022. The quarterly report indicates that the world’s central banks purchased close to 400 tons of gold and the WGC study says that it’s the “most on record.”
Q3 2022 Data Shows the World’s Central Banks Stacked Close to 400 Tons of Gold
On Nov. 1, 2022, the World Gold Council (WGC) published the organization’s “Gold Demand Trends Q3 2022” report, which highlights the current trends tethered to gold and the precious metal’s markets during the third quarter. WGC’s report, published on gold.org, says the third quarter was healthy and was driven by “stronger consumer and central bank buying.” WGC highlights that these factors helped year-to-date demand “recover to pre-Covid norms.”
“Gold demand (excluding OTC) in Q3 was 28% higher y-o-y at 1,181t,” WGC’s report notes. “Year-to-date demand increased 18% vs the same period in 2021, returning to pre-pandemic levels.”
While consumer demand for gold has risen, demand for gold from central banks has reached an all-time high, as far as central bank quarterly purchases are concerned. The biggest Q3 2022 buyers out of all the central banks stemmed from Turkey, Uzbekistan, and Qatar.
“Turkey remained the largest reported gold buyer this year,” WGC’s report details. ”It added 31t in Q3, lifting its gold reserves to 489t (29% of total reserves). Year-to-date it has added 95t to gold reserves.”
WGC researchers noted that Uzbekistan is steadily stacking gold as it purchased 26 tons of the precious metal in Q3. The report explains that Uzbekistan has also been “a consistent buyer of gold” during the last two quarters.
The Qatar Central Bank secured a record purchase when it bought 15 tons of gold during the third quarter. WGC says Qatar’s gold purchase “appears to be its largest monthly acquisition on record back to 1967.”
The WGC report details that there are also central banks that are not reporting their gold acquisitions. “The level of official sector demand in Q3 is the combination of steady reported purchases by central banks and a substantial estimate for unreported buying,” the WGC report claims.
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