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Morning Bites (part 1)

🏆Global physical gold demand dropped 8% YoY to 916t in 2Q24, reversing from the revised +2% YoY in 1Q24, according to the World Gold Council (WGC) data. Central bank purchases in 2Q24 were 6% higher YoY, in line with the +5% YoY (revised) seen in 1Q24. The demand for gold jewellery slid 19% YoY, materially accelerating from the 1-2% YoY declines in 3Q23-1Q24. Overall, total global gold demand shrank 7% YoY in 2Q24 (vs. -6% YoY in 1Q24), as ETFs switched to gold buying in May-June. World mined gold output grew 3% YoY in 2Q24

We reiterate our view that gold, at spot, continues to trade above its fundamentally reasonable level (USD 2,200-2,300/oz for 2024), boosted by strong demand from global central banks and market expectations of a US Fed funds rate cut in 2024

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