Morning Bites (part 3)

🏦China continued to accumulate gold reserves in December, purchasing 9t (~2% of annualised physical gold demand in 2022), marking the 14th consecutive month of additions, SAFE reports. Hence, the PBoC's gold holdings rose ~287t since Nov-22 to 2,239t, while representing only 5% of the country’s FX reserves, indicating the potential for further purchases. China's purchases in Nov-22 - Dec-23 accounted for ~5% of the world’s physical demand in 2022, in annual terms. Overall, given miners’ growing costs, strong demand from central banks and potentially lower US Fed funds rate in 1H24, we keep our bullish view on gold's performance

💎US jewellery sales gained 3% YoY in November, vs. the flat YoY dynamics seen in October, IDEX reports, citing the US Department of Commerce. Noteworthy, the sales were up for the first time since January 2023: were the sales recovery trend to persist, this might add support to the stressed diamond sector

#gold #diamonds
https://metals-wire.com/news-reports