TOKYO -- Gold buying by central banks reached its highest level in 55 years, data released Tuesday shows, as the freezing of Russia's dollar assets spurred countries to seek alternatives less vulnerable to economic sanctions.
Net purchases of the metal by central banks in 2022 totaled 1,135 tonnes in 2022, according to a report from the World Gold Council, an industry group. This was the highest since 1967, when European banks bought gold en masse as U.S. deficits and the devaluation of the British pound began to undermine the link between gold and the dollar.
