Morning Bites (part 1)

🏦 Global central banks purchased net 10t of gold in May, vs. the revised +23t in April, marking the twelfth consecutive month of reserves accumulation, the World Gold Council (WGC) reports. The major contributors were Poland (+10t) and Turkey (+8t), while only Kazakhstan has sold a notable amount (11t). According to the recent WGC poll, CB managers intend to increase gold holdings further within the next 12 months, despite soaring yellow metal prices

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

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