Morning Bites (part 3)

🏦China is continuing to accumulate gold reserves, purchasing 23t (~6% of annualised physical gold demand in 2022) in July, the 9th consecutive month of additions, Bloomberg reports. Hence, PBoC gold holdings now stand at 2,137t, with ~188t added since November 2022. Of note, in annualised terms, the county’s November 2022 - July 2023 purchases accounted for ~5% of world physical gold demand in 2022. Overall, given adverse macroeconomic conditions globally, as well as miners’ rising cash costs and persistent inflationary pressures, we maintain our bullish view on gold performance

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