Central banks buy record amount of gold in 2022

A UK-based research organization says central banks bought a record amount of gold in 2022.

The major purchasers were in countries with rocky relations with the US and those doing a considerable amount of business with Russia.

The World Gold Council says net purchases totaled 1,135 tons. That's up 2.5 times from the previous year.

Rakuten Securities Economic Research Institute says Turkey's net gold purchases last year totaled 147 tons.
China's was 62 tons, Egypt 44 tons and Qatar 35 tons. Iraq, Uzbekistan and India each acquired 33 tons.

Experts say several of the biggest buyers may be bracing for a possible freeze of their dollar assets.