Morning Bites (part 2)

🏦Global central banks returned to gold purchases in June, accumulating a net 55t (vs. the 27t sold in May), the World Gold Council reports. The main buyers were China (21t), Poland (14t), Turkey (11t) and Uzbekistan (8t). Meanwhile, the only substantial seller was Kazakhstan, which sold 3t of gold. Although world physical gold demand was down 5% YoY in 2Q23, this was mainly driven by the massive sales from Turkey’s CB. Overall, the adverse macroeconomic conditions globally and growing miners' cash costs are likely to provide further support for the yellow metal's performance, we believe

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https://metals-wire.com/sector/Gold