Morning Bites (part 3)

🏦Global central banks were net sellers of gold for the second consecutive month in May, the World Gold Council reports. Overall, central bank net sales reached 27t (vs. the revised 69t in April). The main contributors were Turkey (-63t) and  Uzbekistan (-11t). In relation to future central bank sales, we note that Turkey has already sold 113t (26% of its current reserves) in 2023, which leaves the country limited selling capacity for the coming months, in our view. On the buyers side were Poland and China (+20t and +16t, respectively). Although central banks have sold substantial gold volumes, we maintain our positive view on the precious metal's price, amid inflationary pressures and the adverse macroeconomic situation globally

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