2022 saw the strongest demand for gold in more than a decade, driven by colossal central bank purchases, high retail investor buying and slower ETF outflows.
Annual demand increased 18% to 4,741t, which was almost on a par with 2011 – a year of exceptional investment demand – and which included record demand of 1,337t in Q4.
Gold jewellery consumption was down slightly, by three percent, whilst demand for gold bars and coins grew by two percent. A second consecutive quarter of huge purchasing from central banks globally saw demand in the sector reach a 55-year high, whilst 2022 also saw the LBMA gold price PM reach a record annual average of $1,800 per ounce.
