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Gold demand hit record highs in 2023 amid geopolitical risks, China weakness..."
https://www.cnbc.com/2024/02/02/gold-demand-hit-record-highs-in-2023-amid-geopolitical-risks-china-weakness-.html
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- Gold demand hit record highs in 2023 on the back of persistent geopolitical tensions and continued weakness in the Chinese economy, the World Gold Council said.
- Total gold demand stood at 4,899 tons last year compared to 4,741 tons in 2022. This is inclusive of over the counter transactions and stock flows.
- Gold purchases from central banks led to last year’s surge, with purchases exceeding 1,000 tons for two consecutive years. ..."
"... demand hit record highs in 2023 as persistent geopolitical tensions and weakness in China’s economy pushed investors toward the safe haven asset, the World Gold Council said in report.
Total gold transactions stood at 4,899 tons last year compared with 4,741 tons in 2022, inclusive of over the counter deals as well as stock flows that reflect changes to inventories on commodity exchanges.
Unlike trading conducted by an exchange, OTC transactions take place directly between two parties.
The biggest drivers of gold demand in 2023 were the Russia-Ukraine war and Israel-Hamas conflict as well as the slowdown in China’s economy — and these could continue boosting the metal’s prices well into 2024, said Shaokai Fan, head of central banks at WGC. ..."