SINGAPORE – Central bank demand for gold, particularly from emerging markets and developing economies, more than doubled in the second quarter of the year compared with the previous quarter, driven by growing fears of an impending global recession and changes in the international monetary system.

According to data from a recently released World Gold Council (WGC) report, central banks were net buyers of gold in the second quarter of 2022, with global official reserves growing by 180 tonnes, while cumulative purchases reached 270 tonnes in the first half of the year. In the first quarter, central banks added 89.72 tonnes.