Morning Bites (part 1)

🏦 Global central banks purchased net 60t of gold in October, vs. the +53t in September, the World Gold Council (WGC) reports. The major contributors were India (+27t) and Turkey (+17t). No significant sales volumes were recorded. Although the PBoC has suspended gold purchases, the WGC estimates that the official statistics for 9mo24 reflect only 33% of total demand from government institutions

Although, at spot, gold continues to trade above what we see as its fundamentally reasonable level for 4Q24 (~USD 2,400/oz), we think there are more upside risks in the precious metal’s price, given the steady inflows into global ETFs and central banks, as well as the ongoing geopolitical tensions

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