A sharp increase in demand, driven by record purchases by central bankers, which have more than doubled in one year.

The World Gold Council (WGC), in a report on Tuesday, estimated that demand last year reached its highest level in more than a decade.

Gold demand for the full year 2022 came in at 4,740.7 tonnes, up 18% from 2021, driven by a strong fourth quarter.

"The big surprise of the year was obviously the record demand from central banks, which reached its highest level in 55 years, with the second half of the year alone generating purchases of more than 800 tons," said Louise Street. , analyst within the organization.

Gold, “a store of long-term value”

These institutions indeed rushed for gold during the year, with demand having more than doubled in one year, reaching 1,135.7 tonnes in 2022 against 450.1 the previous year.

Gold is highly valued by central banks, who use it “as a long-term store of value” in particular because it does well in times of crisis by serving as a bulwark against inflation, explains the analyst.

Purchases of gold bars and coins held up, continuing to attract investors in several countries, compensating for weak demand from China.

In total, investments in bars and coins totaled 1,217.1 tonnes in 2022, compared to 1,190.9 in 2021.

Lagging behind, the jewelry and technology sectors saw a slight drop in demand, down 2 and 7% respectively on the year (2,189.8 tons for jewelry and 308.5 tons for technology). .

The slowdown in demand from the technology sector is mainly explained by the persistence of supply chain problems since the Covid-19 pandemic.

And the global economic slowdown has weighed on consumer demand.

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