The average price of gold in the first quarter of 2022 was estimated to be around $2,082 per ounce, with record high of $2,272 per ounce in January 2022. Perhaps the most surprising development in the gold market in 2022 has been the level of demand from central banks. At the end of Q3, 673 t would have been added to reserves, a historic record. These purchases have largely supported prices throughout 2022.
Gold posted a small gain in 2022, not so trivial considering an unprecedented rise in rates and the strength of the US dollar.
2022 was a classic example of gold’s stable, uncorrelated performance amid market turbulence.
Weak institutional demand was offset by retail investment – to hedge against inflation and geopolitical fears of the Ukraine-Russia conflict. Central banks had an exceptional year of net purchases.
India is the world’s leading consumer of gold with an estimated annual demand of 635 tonnes.
The World Gold Council estimates that in 2022, global gold demand will reach a new all-time high of 4,300 tons.
According to the World Gold Council, the jewelry market accounts for more than 50% of global gold demand.
In March 2021, the World Gold Council reported that India, China and the United States were the top three gold-consuming nations. Gold demand in India increased by 7% in January 2022 compared to the same period in 2021. The average gold price in the first quarter of 2021 was approximately $1,857 per ounce. In February 2021, the gold spot price crossed the $1,800 per ounce mark. 18. According to The Guardian, the global gold market is estimated to be worth about $4.5 trillion.
Alexandre Laurentl is working in the jewelry and investment gold since 2002. Alexandre graduated from The Normandy School of Business and from the University of Perpignan a Bachelor of economics in 1995.
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