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Morning Bites (part 1)

🏦 Global central banks accumulated net 44t of gold in November 2023, vs. the revised +42t in October, marking the sixth consecutive increase in holdings, the World Gold Council (WGC) reports. In November, the main contributors were Turkey (+25t of gold), Poland (+19t) and China (+12t). Meanwhile, Uzbekistan was still on the sellers' side, selling net 11t. We keep our positive outlook on gold's performance, taking into account the steady demand from global CBs, as well as miners’ rising cash costs and the potentially lower US Fed funds rate in 1H24

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