Central Banks Boost Gold Holdings Amid Rising Inflation

The World Gold Council (WGC) has released its latest report on gold demand and central bank buying, which shows that while overall gold demand remains steady, there is an increase in central bank purchases.

The WGC's data indicates that the total amount of gold held by central banks globally has risen to 38,000 tonnes, a significant jump from 2020. This increase in central bank buying is largely driven by rising inflation and economic uncertainty.

The report also highlights that while overall demand for gold remains stable at around 4,600 tonnes per year, there are varying trends across different regions. For example, gold demand in the United States has fallen to its lowest level since 2009.