Central banks have stepped up their gold purchases, whilst AI has fuelled demand

In the first quarter, central banks around the world continued to actively buy up gold. Over the three-month period, they acquired 244 tonnes of the precious metal, a 3% increase compared with the same period last year, despite a noticeable rise in sales during the quarter.

Analysts note that regulators’ interest in gold remains strong as a means of safeguarding reserves against the backdrop of high volatility in global markets and uncertainty in the global economy.

Industrial consumption provided an additional boost to the market. Demand for gold in the technology sector rose by 1% to reach 82 tonnes. The main driver was the rapid growth of artificial intelligence infrastructure, where gold is used in high-precision and electronic components.

Thus, the gold market was supported by two factors simultaneously — purchases by central banks and the development of high-tech industries.