Central Banks Snap Up Record Amount of Gold Amid Global Uncertainty

Gold has been a store of value and medium of exchange throughout human history. Today, it is widely seen as a safe-haven asset, particularly during turbulent times.

Central banks are among the biggest Gold holders, using it to support their currencies by diversifying their reserves and buying Gold to improve the perceived strength of their economies and currencies.

In 2022, central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves, according to data from the World Gold Council. This was the highest yearly purchase since records began.