2022 was strongest year for gold demand in over a decade

Demand for gold has reached its highest in over a decade on the back of colossal purchases made by central banks, as well as vigorous retail investor buying and slower ETF outflows, the World Gold Council (WGC) said on Tuesday.

Annual gold demand jumped 18% to 4,741 tonnes, almost on a par with 2011 – a time of exceptional investment demand, the WGC said in its 2022 Gold Demand Trends report. The strong full-year total was aided by record Q4 demand of 1,337 tonnes.

The investment portion of demand reached 1,107 tonnes in 2022, representing a 10% increase over 2021. Demand for gold bars and coins grew 2% to 1,217 tonnes, while holdings of gold ETFs fell by a smaller amount than in 2021, which further contributed to total investment growth. Quarterly fluctuations in OTC demand largely netted out over the year.

London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.

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