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Three Arab countries, including Iraq, are on the list of central banks that are purchasing the most gold in 2023, amid countries continuing to enhance their reserves of the yellow metal as a safe haven, especially with the current economic and geopolitical crises.
Recent data collected by the Energy Research Unit shows that the central banks in Libya, Iraq, and Qatar are among the top 10 buyers of gold during 2023.
According to these data, global central banks’ net purchases of gold decreased last year to 1,037.4 tons, compared to 1,081.9 tons in 2022, but it is still the second highest level in more than 55 years.
*-Libya is among the top 5.
The People’s Bank of China topped the list of central banks purchasing the most gold in 2023, with a volume of 224.88 tons, according to the report issued by the World Gold Council.
The Chinese Central Bank's gold purchases last year were the country's highest since 1977, bringing its total reserves of the yellow metal to 2,235 tons.
In second place on the list of central banks purchasing the most gold in 2023, the Polish Central Bank came with a purchasing volume of 130.03 tons, which is the highest annual rate ever for the country, bringing the total official gold reserves of the European country by 57% to 359 tons.
The Central Bank of Singapore came in third place with a purchase quantity of 76.51 tons, being the only buyer from developed markets, bringing its total reserves of the yellow metal to 230 tons.
Libya ranked fourth on the list of central banks purchasing the most gold in 2023, with the Central Bank purchasing about 30.01 tons, which is the first purchase since 1998-1999, which raised its total reserves of the yellow metal to 147 tons.
Fifthly, the Czech National Bank came with a purchasing quantity of 18.71 tons, the highest annual rate since 1993; Bringing his total reserve to 31 tons.
*Iraq and Qatar are on the list
in sixth place on the list of central banks purchasing the most gold in 2023. The Central Bank of India came in, with a volume of 16.22 tons.
The Central Bank of Iraq came in seventh place, and the Qatari Central Bank ranked eighth, with a purchase quantity of gold that reached 12.25 tons and 7.44 tons last year, respectively.
In ninth place came the Central Bank of the Philippines with a purchase amount of gold amounting to 7.1 tons, and Kyrgyzstan came in tenth with a volume of 6.95 tons.
The European Central Bank came in eleventh place on the list of central banks purchasing the most gold in 2023, with a quantity reaching 1.74 tons, followed by the Central Bank of Serbia, with a purchase volume reaching 1.04 tons.
Central banks will buy the most gold in 2023
*Demand for gold in 2023
Since 2010, global central banks have been net buyers on an annual basis, adding 7.8 thousand tons to their gold reserves during this period, with more than a quarter of this amount purchased during the past two years alone.
According to the World Gold Council report, global demand for gold - excluding the over-the-counter market - declined to 4,448 tons in 2023, compared to 4,699 tons the previous year.
In contrast, consumer demand for gold - the demand for gems - stabilized at 2,093 tons during 2023, a slight increase from 2022, which amounted to about 2,089 tons.