Morning Bites (part 1)

🏦 Global central banks purchased net 12t of gold in June, vs. the revised +13t in May, the World Gold Council (WGC) reports. June marked the 13th consecutive month of reserves accumulation. The major contributors in June were India and Uzbekistan (+9t both), while only Singapore and Kazakhstan sold a notable amount (-12t and -6t, respectively)

We maintain our view that the fundamentally reasonable gold price is USD 2,300/oz for 2024; however, as we have previously noted, geopolitical tensions, persistently strong demand from global central banks and the widely expected US Fed funds rate cut in 2H24 create upside risks for gold price

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