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Post #1747 190
Morning Bites (part 1)

🏦 Global central banks purchased net 37t of gold in July, vs. the +12t in June, the World Gold Council (WGC) reports. This marked the 14th consecutive month of reserve accumulation. The major contributors in July were Poland and Uzbekistan (+14t and +10t, respectively), while only Kazakhstan sold a notable amount (4t)

We maintain our view that gold is still trading above its fundamentally reasonable level for 2024 (USD 2,300-2,400/oz) due to persistently strong demand from global central banks and in light of the widely expected US Fed funds rate cut in September 2024. However, we see more upside risk in gold prices amid continued geopolitical unrest, as well as renewed purchases by ETFs

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