2023-05-05 08:41:52
The World Gold Council indicated that global demand for the yellow metal declined in the first three months of 2023, as large purchases by central banks and Chinese consumers were met with a decrease in investor buying.
In its latest quarterly report on demand trends, the council stated that the total demand reached 1,081 tons, down 13 percent from the same quarter of last year.
About half of the demand for gold comes from jewelers, while the rest comes from investors and countries. The precious metal is considered a safe haven asset, and investors usually buy it more during times of economic turmoil.
Demand rose to the highest level in 11 years in 2022. This comes at a time when gold prices are hovering near all-time highs above $2,000.
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