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Central banks are buying more and more gold because of the crisis

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Key facts:
  • World central banks purchased nearly 400 tons of gold in the third quarter of 2022.

  • With this figure, it reached an all-time quarterly high, according to data from the World Gold Council.

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Gold purchases by the world’s central banks rose to an all-time quarterly high. Precisely, totaling nearly 400 tons. This was announced on November 1 by the World Gold Council (WGC), based on data recorded since 2000.

The body detailed that, with this all-time high, gold purchases by central banks has nearly doubled its previous record achieved in 2008. In the quarter of that year, in the midst of the global economic crisis, recorded a purchase volume of 241 tons of gold.

Gold purchases reached an all-time quarterly high, according to data recorded by the WGC since 2000. Source: WGC.

This brings the total of gold purchases by central banks to 673 tons in one year, the company said. And, they pointed out, that that figure is the highest in any year since 1967.

At the same time, they noted that the central banks that bought the most gold in the third quarter of 2022 came from Europe and Asia. They are Turkey, Uzbekistan, and Qatar, the country where the 2022 tournament will be held. World Cup in November and December.

Gold has fallen in price since March 2022. Source: Gold.org.

This image shows that some central banks are banking on gold as a safe haven asset In the face of global inflation and currency devaluation to historical levels 2022. This is while the Russian war against Ukraine continues, impactful on the world economy, as reported by CryptoNews.

Meanwhile, this precious metal has been depreciated since March 2022.According to data from gold.org. Since then, the ounce of gold has risen from $2,039 to $1,645, showing correlation Downward correlation with stock markets and cryptocurrencys. It thus reflects the fact that it is not risk-free with its volatilityas bitcoin (BTC), which is now trading at $20,700, according to the CryptoNews Calculator.

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