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Central Banks Buy Most Gold In 50 Years, Fueling Record Gold Prices Despite Plunge In India’s Demand
- Written by Sumit Roy |
- February 14, 2013
Central Banks Buy Most Gold In 50 Years, Fueling Record Gold Prices Despite Plunge In India’s Demand
- Details
It was a year of many records for the gold market.
No, gold prices didn’t reach an absolute record high in 2012 as some had forecasted, but it was still a year of many records for the gold market, according to the World Gold Council’s latest Demand Trends report. In fact, gold prices averaged $1722 during the last three months of the year, the WGC said. That’s a record quarterly price.
Unfortunately for bulls, gold demand on a volume basis didn’t reach a record. Indeed, it fell by 4 percent to 4,406 metric tons. However, on a value basis, annual demand totaled a record $236 billion due to the high gold price.
While the major jewelry and investment sectors saw their demand for gold decline, a huge spike in central bank buying offset much of that. Purchases by central banks totaled 534.6 metric tons, the highest level in close to 50 years.
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