Morning Bites

🏦Global central banks accumulated net 52t of gold in September, vs. the +6t seen in August, the World Gold Council reports. The main buyers were Poland, Hungary and Azerbaijan (the latter reports only quarterly data) with 22t, 16t and 12t purchased, respectively. Meanwhile, only Kazakhstan and Jordan sold significant amounts: 4t and 3t, respectively

Although, at spot, gold keeps trading above its fundamentally reasonable level for 4Q24 (~USD 2,400/oz), we expect additional upside in the precious metal’s price, given the steady inflows into global ETFs and central banks, as well as geopolitical tensions globally

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