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Robust central bank buying bolsters first quarter demand
The World Gold Council’s latest Gold Demand Trends report reveals that while gold demand (excluding OTC) was 13% lower year-on-year, a recovery in the OTC market propped up total gold demand to 1,174t, a slight 1% increase compared to Q1 2022. With the price near record average highs for the quarter at $1,890/oz, a mixed picture for gold in Q1 exemplifies its diverse and global sources of demand. Central banks helped boost demand adding 228t to global reserves, a Q1 record high in this data series. Sustained and significant purchases from the official sector underscore gold’s role in international reserve ... (full story)