Gold prices have surged to record highs due to increased Chinese demand and U.S. banking concerns.
Investors have turned to gold as a safe-haven asset, driving prices to an all-time high of $2,072 on Comex.
In 2022 and Q1 2023, central banks purchased 1,087 tonnes and 228 tonnes of gold, respectively.
In Q1 2023, ETF outflows decreased to a manageable 29 tonnes, and demand for gold increased 1% YoY to 1,174 tonnes.
Unidentified bidders who purchased significant amounts of central bank gold in H2 2022 and Q1 2023 have been speculated to be Chinese, Russian, and Middle Eastern companies.
Due to high gold prices, the jewelry sale declined 17% YoY in Q1 2023 in India.
