In late November 2022, central banks around the world increased their gold holdings, adding a total of 50 tons to official reserves. Across the year, official institutions bought 673 tons of precious metals, with the strongest activity reported in the third quarter according to data from the World Gold Council. The same source notes a notable rise in the appetite for physical gold among national regulators, underscoring the role of gold as a strategic asset within sovereign reserve frameworks.
During November, central banks expanded their gold stock by 50 tons, marking a 47 percent rise from the previous month. The People’s Bank of China disclosed that it renewed its official gold reserves for the first time since September 2019, increasing its holdings by 32 tons in a single month. This move highlighted China’s continued commitment to diversifying reserves and reinforcing financial stability through tangible assets.
In the autumn period, NBK emerged as a leader in central bank gold purchases, acquiring roughly 1.8 billion dollars worth of gold in November and surpassing other large buyers among Kazakhstan and Uzbekistan’s monetary authorities. Additional notable purchasers named in the period included currency regulators in Turkey and Kyrgyzstan, reflecting a broader pattern of central banks seeking to strengthen balance sheets against market volatility.
Investment shifts persisted into December, with reports from Bloomberg indicating that the People’s Bank of China increased its purchase volumes once again in the final month of the year. If November saw a 32 ton addition by the currency regulator, another 30 tons were added in December. By the start of 2023, China’s gold reserves were reported to stand at about 2.01 thousand tons, illustrating a sustained trajectory of accumulation that aligns with ongoing diversification strategies and a focus on secure, liquid assets amid global economic uncertainty.
Overall, these movements underscore the continuing strategic importance of gold in central bank portfolios. Across North America and beyond, reserve managers view gold as a stabilizing anchor that complements other reserve assets. The pattern of cumulative purchases through late 2022 and the start of 2023 reveals a preference for physical metal as a hedge against inflation, currency fluctuations, and geopolitical risk. Analysts emphasize that the recorded flows reflect deliberate policy choices, with central banks balancing the need for liquidity, diversification, and long-term value in a shifting global financial landscape.