Morning Bites

🏆Global physical gold demand dropped 21% YoY to 997t in 3Q24, after the revised 6% YoY slide in 2Q24, according to the World Gold Council (WGC) data. Central bank purchases in 3Q24 were down 49% YoY, vs. the +13% YoY (revised) seen in 2Q24. The demand for gold jewellery slid 12% YoY, decelerating from the revised drop of 18% YoY in 2Q24

Overall, total global gold demand shrank only 2% YoY in 3Q24 (vs. -4% YoY in 2Q24), as ETFs switched to gold buying, after the recently started monetary policy easing cycle in the EU/US and China. World mined gold output grew 6% YoY in 3Q24

We reiterate our view that, at spot, gold is trading above its fundamentally reasonable level for 4Q24 (~USD 2,400/oz). However, we see additional upside in the precious metal’s price due to persistent inflows into central banks and ETFs, as well as on the back of geopolitical tensions globally

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