World Gold Council: Global total gold demand reached 4,899 tons last year, with central banks of various countries buying 1,037 tons

The latest report from the World Gold Council (WGC) states that the total gold demand, including over-the-counter trading markets, reached a record-breaking 4,899 tons last year, driving up the price of gold. The average gold price in 2023 was $1,940.54 per troy ounce, an increase of 8% compared to the previous year. Net purchases by global central banks last year amounted to 1,037 tons, only a decrease of 45 tons from the previous record-breaking amount of 1,082 tons. The People's Bank of China is the largest single buyer of gold.