Morning Bites (part 3)

🏦 Global central banks purchased 53t of gold (net) in November, vs. the revised +48t in October, the World Gold Council (WGC) reports. The major contributors were Poland (+21t), Uzbekistan (+9t), and India (+8t). Meanwhile, Singapore sold 5t — the only significant sale

📈Gold-backed ETFs purchased 4t of gold (net) in December, vs. -29t in November. According to the WGC, Asian funds led in terms of global inflows (+9t), while North American funds sold 5t

Although, at spot, gold continues to trade above what we see as its fundamentally reasonable level for 1H25 (~USD 2,500/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