Morning Bites

🏦China continued to accumulate gold reserves in September, purchasing 27t (~7% of annualised physical gold demand in 2022), which marked the 11th consecutive month of additions, Bloomberg reports. Hence, PBoC gold holdings now stand at 2,191t, with ~243t added since November 2022. Of note, in annualised terms, the country’s November 2022 - September 2023 purchases accounted for ~6% of the world’s physical gold demand in 2022. Overall, given miners’ rising cash costs, persistently strong demand from global central banks and potentially lower US Fed funds rate in 1H24, we maintain our bullish view on gold performance

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