Morning Bites (part 2)

🏦 The PBoC purchased a further 12t of gold in February (~3% of 2023 gold demand, in annualised terms), after the +10t in January, which marked the 16th consecutive month of reserves accumulation. Hence, the PBoC's gold holdings now stand at 2,257t, with ~309t 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 potentially lower key rates in leading economies in 2024 (e.g., the US and EU), we maintain our bullish view on the performance of gold prices

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