Morning Bites

🏦China purchased a further 12t of gold in November (~3% of 2022 gold demand, in annualised terms), after the 23t in October, marking the 13th consecutive month of reserves accumulation. Hence, the PBoC's gold holdings now stand at 2,226t, with ~278t added since November 2022 (5% of annualised demand). Overall, given the strong demand from global central banks, as well as miners’ rising cash costs and the potentially lower US Fed funds rate in 1Q24, we maintain our bullish view on gold's performance

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