Morning Bites (part 1)

🏦 Global central banks purchased net 33t of gold in April, vs. the revised +3t in March, marking the 11th consecutive month in which they increased holdings, the World Gold Council (WGC) reports. The major contributors were Turkey (+8t), Kazakhstan and India (+6t both), while China has slowed its purchases (+2t in April). There were no material sales volumes, which stood at only 3t in April

We maintain our view that the fundamentally reasonable gold price is USD 2,200-2,300/oz for 2024. Meanwhile, the spot gold price has exceeded this level, following persistently strong demand from global central banks and widely expected US Fed funds rate cut this year

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