Sanctions fear drives surge in central bank gold purchases

China, Turkey and India are largest declared buyers, while Russia probably bought big quantities


Central banks made their largest gold purchases for 55 years in 2022, in largely unreported transactions, the World Gold Council said today (January 31).

The third and fourth quarters saw “huge central bank demand”, which drove global gold demand to its highest level in 11 years, the WGC said. Several observers said central banks were switching reserves from foreign currency, vulnerable to sanctions regimes, to gold.

Total central bank demand for the year reached 1,136 tonnes, worth

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account