Central banks’ purchases of gold unexpectedly declined 20 per cent last year as investment demand soared, highlighting how funds and private investors have increasingly become the key driver of bullion’s record-breaking rally.
Purchases by central banks and other institutions, such as sovereign wealth funds and government entities, fell to 863.3 tonnes last year, according to industry body the World Gold Council (WGC), as high prices and the swelling value of existing holdings damped demand for further buying by the official sector.
However, investment demand for gold surged 84 per cent to 2,175 tonnes compared with the previous year, driven by exchange traded fund inflows as well as rising demand for gold bars.
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