London – Gold demand reached a record level of 4,899 tonnes in 2023 due to increased purchases of gold in China, including in the global Central Banks. Also, gold prices surged to over $2,000/oz (31.1 g) amid geopolitical tensions and a global economic slowdown. Besides, the World Gold Council (WGC) has said in its report that the demand for gold will continue to increase in such a situation.

Moreover, the World Gold Council, the apex body of the gold market, has recently released a report titled ‘Gold Demand Trends Full Year 2023’. It shares information about the demand and trend of gold recorded internationally last year. According to the World Gold Council report, the total value of gold globally reached 4,899 tonnes in 2023. The Council informed that the purchase of Central Banks and the rising demand in China are mainly responsible for this increase.

Overall, major global Central Banks bought 1,037 tonnes of gold Last year. China’s ‘People’s Bank of China (PBC)’ tops the list with 225 tonnes of gold purchases. Subsequently, information about the Central Bank of Poland (NBP) purchasing more than 100 tonnes of gold has come to light. Apart from this, the World Gold Council has shared that India, the US, Turkey, and Iran are the countries most in demand for gold after China.

The Council report also estimates that the price of gold is expected to reach a record level in 2024, and the graph of gold demand will continue to increase.

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