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Morning Bites (part 1)

🏦 Global central banks purchased net 19t of gold in March, vs. the revised +24t in February, marking the tenth consecutive increase in holdings, the World Gold Council (WGC) reports. The major contributors were Turkey (+14t), India and China (+5t both). On the sellers' side were Uzbekistan and Thailand, which sold 11t and 10t, respectively

Regarding the market fundamentals, we reiterate our view that the spot gold price has already exceeded its fundamentally reasonable level (USD 2,200-2,300/oz for 2024), driven by persistently strong demand from global central banks and market expectations of an upcoming US Fed funds rate cut in 2024

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