LONDON, Jan 31 (Reuters) - (This Jan. 31 story has been officially corrected to say that 2022 central bank gold demand was the highest in records since 1950, not since 1967)
Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year in records going back to 1950, the World Gold Council (WGC) said on Tuesday.
Central banks like gold because it is expected to hold its value through turbulent times and, unlike currencies and bonds, it does not rely on any issuer or government.
Gold also enables central banks to diversify away from assets like U.S. Treasuries and the dollar.
Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year in records going back to 1950, the World Gold Council (WGC) said on Tuesday.
Central banks like gold because it is expected to hold its value through turbulent times and, unlike currencies and bonds, it does not rely on any issuer or government.
Gold also enables central banks to diversify away from assets like U.S. Treasuries and the dollar.
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