Central Banks Set New Gold Buying Record Amid Market Uncertainty

Central banks around the world have been on a gold-buying spree in recent months. According to the World Gold Council, they purchased a record 289 tonnes of gold between January and March this year, with an overall worth of $47.38 billion.

This marks the highest level of quarterly gold purchases by central banks since records began. The buying frenzy is increasing every quarter as central banks diversify their reserves in response to changing market conditions.

Poland was the top buyer, accumulating 51 tonnes of gold, followed closely by China with 33 tonnes. This surge in demand has led to a significant increase in gold prices, which have risen over 150% since 2022 when the US imposed sanctions on Russia.