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Gold: Strong Demand from
Central Banks in H1’23

Despite significant net sales in Turkey, global central bank demand was 387 tonnes in the first half of the year, the most for the period since at least 2000 (source: World Gold Council).

The largest source of central bank additions in H1’23 was China, as it continued its regular purchases that were first initiated back in late 2022. More than 100 tonnes of gold were added to Chinese reserves from January-June.

It is expected that demand in H2’23 will remain robust, particularly if China continues its gold-buying programme, though levels are not likely to reach that of last year’s record annual demand.

Assuming the same rate of purchasing as H1, annual demand from central banks could be more than 750 tonnes this year, which would be the second-highest year on record.

Source: Heraeus Precious Metals is a global leader in the precious metals industry.

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