World witnesses gold reserves 50-year high

The central banks have maintained highest ever reserve of gold across the world in last fifty years after stockpiling large amounts of the precious metal.

The gold reserves increased by 31 tons month-on-month in October, highest ever since 1974, according to World Gold Council (WGC).

The central bank of the United Arab Emirates bought the most gold in October, 2022. The stock has increased to more than 9 tonnes. This country has increased its gold reserves by 18 tonnes this year. Last October, Turkey's gold purchase also increased by about 9 tonnes. The Central Bank of Turkey bought the most gold in 2022. 103 tonnes have been added to their reserves.

Uzbekistan also bought 9 tonnes of gold last October, as the country continues to build reserves.

More than 60 percent of the country's total reserves are gold. South Asia's largest economy, India is also continuing to increase its gold purchases. The country currently has 781 tonnes of gold in its reserves. The country is the world's ninth largest gold reserve country.

Third quarter of the year (July-September), the demand for gold in the world has increased by 1,181 tonnes, which is 28 percent more than the third quarter of last year, WGC data shows.

Even up to 9 months of this year, gold demand has increased by 18 percent compared to the same period a year ago. Basically, the investment of users and central banks has played a major role. According to the agency, gold purchases by the world's central banks increased by about 400 tons in the third quarter of the year, which is 300 percent more than the same period last year. Buying continued in the fourth quarter as well.

WGC's global head of research John Carlos Artigas said that the gold consumption has returned to pre-corona pandemic.

“This is because the sale of ornaments has increased at the retail level. In addition to this, the demand for gold bars and coins has also increased due to continued purchases by the world's central banks,' he said.

In addition to this, the demand for gold bars and coins has also increased due to continued purchases by the world's central banks. '

In Friday last, market-related organization Trading Economics said the price of gold in the world market increased to 1,797 dollars per ounce, which increased by 2.41 percent in last month.

Source: Daily Sun