{"id":1343,"date":"2023-02-18T01:33:41","date_gmt":"2023-02-18T01:33:41","guid":{"rendered":"https:\/\/findbullionprices.com\/blog\/?p=1343"},"modified":"2024-04-07T01:02:25","modified_gmt":"2024-04-07T01:02:25","slug":"central-bank-gold-buying-spree-sets-records","status":"publish","type":"post","link":"https:\/\/findbullionprices.com\/blog\/central-bank-gold-buying-spree-sets-records\/","title":{"rendered":"Central Bank Gold Buying Spree Sets Records"},"content":{"rendered":"\n<p>Demand for gold at central banks was driven mainly by China swapping dollars for gold. <\/p>\n\n\n\n<p>Switzerland is home to some of the largest and most advanced refineries in the world. According to Swiss customs data, last year more than <a href=\"https:\/\/www.kitco.com\/news\/2023-01-24\/China-steps-up-gold-imports-in-2022-Swiss-gold-imports-at-4-year-highs-Russia-gold-imports-rise.html\" target=\"_blank\" rel=\"noreferrer noopener\">524 tons of gold was bought by China<\/a>. <\/p>\n\n\n\n<p>China is the largest market for gold with a focus on jewelry and retail investment such as gold coins and bars. India is a close second. <\/p>\n\n\n\n<p>Central banks buy gold for a variety of reasons. One is to offset inflation and act as a hedge when global financial markets are unstable. Having a sizable store of gold bullion in a central bank also provides stability for a nation&#8217;s fiat currency.<\/p>\n\n\n\n<p>Another reason is to help offset sovereign debt accrued from government spending. Having large gold reserves provides stability in the international bond market.<\/p>\n\n\n\n<p>Last year, <a href=\"https:\/\/www.weforum.org\/agenda\/2022\/11\/central-banks-gold-market-economy-global\/\" target=\"_blank\" rel=\"noreferrer noopener\">central banks buying<\/a> up large amounts of gold at rates not seen in decades.<\/p>\n\n\n\n<p>China\u2019s central bank reported significant gold purchases throughout the last year. In December, 30 tons of gold following a similarly large purchase of 32 tons in November. China&#8217;s gold reserves now reportedly to total more than 2,010 tons.<\/p>\n\n\n\n<p>The Central Bank of T\u00fcrkiye reported <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/no-basis-turkey-large-price-rises-cenbank-chief-says-2023-01-26\/?utm_source=findbullionprices.com\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">large increases in holdings as it struggles to reduce inflation<\/a>. <\/p>\n\n\n\n<p>Other countries around the Middle East significantly increased their gold holdings. <\/p>\n\n\n\n<p>With Egypt adding 47 tons, Qatar with 35 tons, Iraq with 34 tons, the United Arab Emirates with 25 tons and Oman adding 2 tons.<\/p>\n\n\n\n<p>Some see this as a <a href=\"https:\/\/asia.nikkei.com\/Spotlight\/Datawatch\/Central-banks-accelerate-shift-from-dollar-to-gold-worldwide\">push towards de-<\/a><a href=\"https:\/\/asia.nikkei.com\/Spotlight\/Datawatch\/Central-banks-accelerate-shift-from-dollar-to-gold-worldwide\" target=\"_blank\" rel=\"noreferrer noopener\">dollarization<\/a> and is a signal that some countries see the political sanctions imposed by the US against Russia as weaponization of the dollar. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Having a sizable store of central bank gold provides stability for a nation&#8217;s fiat currency, and gives confidence to foreign trading partners<\/p>\n","protected":false},"author":1,"featured_media":2237,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[710],"tags":[],"class_list":["post-1343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-central-banks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - 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