Data From October Shows Central Banks’ Gold Reserves At Highest Level In 47 Years – Bitcoin News

Following a third quarter report from the World Gold Council (WGC) that showed central banks bought a record amount of gold, data released by the WGC shows that central banks bought more gold in the fourth quarter of 2022. Statistics show that gold held by the world’s central banks is at its highest level since 1974.

Central Banks Continue to Buy Gold in Q4, UAE Buys Largest Bullion in October

Central banks around the world are buying large amounts of gold, and in the first week of November, a report from the World Gold Council (WGC) showed central banks buying a record amount of gold bullion. WGC’s Q3 2022 data showed central banks hoarded nearly 400 tonnes in Q3, the highest quarter on record for gold purchases.

The WGC also noticed that there was a mysterious buyer of gold in the third quarter and suspected China to be a secret buyer of gold. New statistics from the WGC, published after its Q3 2022 report, show that central banks around the world acquired 31 tonnes of gold during October. In October, the central bank of the United Arab Emirates (UAE) bought the most gold and added 9 tons of gold to the country’s stockpile.

WGC data shows that the UAE has acquired 18 tons of gold during 2022. The total amount of gold currently held by central banks around the world is the highest it has been in 47 years, or since 1974. Metrics show that Uzbekistan has collected another 9 tons of gold. After seven consecutive months of buying the precious metal, its stocks. Uzbekistan bought 37 tons of gold this year, and gold accounts for 60% of the country’s total reserves.

The data also shows that the National Bank of Cambodia acquired two tons of gold in September, while Kazakhstan acquired three tons of the yellow precious metal in October. Central banks buy the precious metal gold to diversify their foreign reserves. In fact, it is believed that the precious metal can reduce the overall risk of their holdings, as gold has been considered a safe haven asset for thousands of years.

The world’s central banks traditionally buy gold from large commercial banks or directly from gold mining companies. Gold has been performing well over the past two weeks and is currently trading at $1,778 an ounce on Wednesday. Gold has gained 9.15% against the US dollar since November 3, 2022, from $1,629 an ounce on Wednesday, December 7, 2022 to $1,778 today.

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What do you think about central banks buying record amounts of gold in 2022? What do you think about the Central Bank’s recent gold purchases in October? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News at News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about disruptive protocols emerging today.

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