While lower than the figures seen in the previous two quarters this was nonetheless the strongest first quarter on record. According to the WGC, "this is all the more impressive considering it follows the record-breaking pace of demand last year."

The rolling  four-quarter total soared to a record 1,224 tonnes in Q1 following massive buying in recent quarters. As with the figures for both Q3 and Q4 2022, data for the current quarter contains a significant estimate for unreported activity.

Four central banks accounted for the majority of reported purchasing during Q1:

The Monetary Authority of Singapore (MAS) was the largest single buyer during the quarter thanks to the addition of 69 tonnes of gold, the first increase in its gold reserves since June 2021, confirms that buying in Q1 was not only the domain of emerging market central banks. Gold reserves at MAS now total 222t, 45% higher than at the end of 2022.