Global Central Banks Increase Gold Buying to Highest in 55 Years

What’s new: Global central banks increased their gold hoards last year, spurred by soaring inflation and geopolitical risk, according to a report Tuesday by the World Gold Council.

Gold demand in 2022 increased 18% year-on-year, hitting 4,741 tons, the highest annual total since 2011, propelled by hefty central bank buying and persistently strong retail investment, the industry group said.