Central Banks' Record Gold Purchases Boost World Reserves and De-dollarization Efforts.
Central banks have continued to consistently purchase gold during the first quarter of 2023, with nearly 230 tonnes of gold added to their national reserves, representing a 176% rise compared to the purchases made in Q1 2022, according to the latest report of the World Gold Council. Singapore and China led the purchases, with the Monetary Authority of Singapore reporting a rise of 69 tonnes and China's People's Bank of China registering purchases for 120 tonnes. However, when compared to the numbers from the last quarter, central banks and other institutions reduced their demand significantly, with these institutions purchasing 150.2 tonnes of gold less.