ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Gold snatched up by central banks at fastest pace in 55 years

China and Turkey among big buyers as dollar's dominance fades

Many central banks bought gold to counter sanctions-related risks and as an inflation hedge. (Photo by Masaru Shioyama)

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more