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Post #1501 182
Morning Bites (part 1)

🏦 The PBoC has added 5t of gold to its reserves in March (~1% of 2023 gold demand, in annualised terms), after the +12t in February, marking the 17th consecutive month of reserves accumulation. The China’s central bank gold holdings now stand at 2,262t, with ~314t added since November 2022 (~5% of annualised demand). On our numbers, spot gold price has exceeded its fundamentally reasonable level (USD 2,200-2,300/oz for 2024), supported by persistently strong demand from global central banks and market expectations of upcoming US Fed funds rate cut in 2024

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