From January to November of 2022, Russians bought more than 50 tons of gold bullion. This is a record high number as such purchases would normally be limited to six or seven tons, the Izvestia newspaper said with reference to the Russian Ministry of Finance.
By the end of 2022, the demand of the population had shifted towards gold bullion weighing up to 100 grams.
Banks confirmed an increase in demand for gold. Some banks reported an increase in demand by 16-18 times. The geopolitical instability is the main reason behind such an increase as many view gold as a reliable protective asset.
Global demand for gold in 2022 increased by 18 percent to 4,741 tons — the highest since 2011. Unlike reserve currencies, gold is not subject to foreign governments control. Therefore, central banks opted to increase their purchases of gold.