Central banks show continued demand for gold in 2023, as per a recent report from the World Gold Council (WGC), which noted that the world’s central banks accumulated 31 tons of the precious metal in January. Turkey was the largest gold buyer, adding 23 tons to its central bank’s stash, while the People’s Bank of China also purchased 15 tons of gold.

At the time of writing, a troy ounce of fine .999 gold is $1,857.50 per unit, up 1.12% over the past day. Gold prices have been down since Jan. 31, 2023, when the price per ounce reached $1,950 per unit against the U.S. dollar. On March 2, the World Gold Council (WGC) published a report titled “No Dry January for Central Bank Gold Buying,” which discusses how Jan. 2023 records show that the world’s central banks have maintained the demand registered at the end of 2022.