2023-11-06 10:08:17
In the third quarter of 2023, the demand for gold from central banks around the world will not decrease, and what’s more, it has increased more and more in the light of political uncertainty. According to the report of the World Gold Council for the previous quarter, 337 tons of gold were purchased by individual state administrations. As we reported recently, the world’s central banks are on a buying spree, the focus of which is the popular precious metal. However, the 337 tons of gold was not enough to break the record set in the third quarter of 2022. Nevertheless, we managed to achieve a top result for this year, as more than 800 tons of gold have been purchased so far. How long will the gold trend last? The WGC report suggests that the demand for gold will not let up in the coming period. As a result, analysts expect that a large amount of gold will also be available by the end of the year. Last Friday, November 3, the purchase price of gold per ounce (regarding 31 grams) reached 2,002 dollars, but since then it has fallen below the 2,000 mark. By the way, in the last 30 days, its exchange rate has strengthened by 9% once morest the US dollar, while in the last 12 months it has risen by 22%. Undoubtedly, the central banks’ insatiable demand for gold also contributed greatly to all of this. The World Gold Council also found, excluding OTC (over-the-counter) transactions, that gold demand in the third quarter exceeded the five-year average by 8%. It jumped this despite last year’s 6% decrease, counting a total of 1,147 tons of gold. If OTC transactions are also included in the equation, the total value is 1,267 tonnes. Furthermore, the size of gold investments for the third quarter was 157 tons, which shows an increase of 56% compared to last year, but remained below the average of 315 tons of the previous five years. On the other hand, interest in gold ETFs (exchange-traded funds) fell by 139 tons worldwide. “Gold demand has been quite resilient throughout the year, performing well despite the headwinds generated by high interest rates and a strong US dollar. It can be said that this quarter’s demand is also optimal, compared to the five-year average”, said Louise Street, WGC market analyst.
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