Morning Bites (part 1)

🏆Global physical gold demand rose 4% YoY to 1,308t in 4Q24, after the 20% YoY decline seen in 3Q24, according to the World Gold Council data. The figure was also down 5% YoY in FY24. Specifically, central bank purchases in 4Q24 surged 54% YoY (in FY24, they were -1% YoY), but gold jewellery demand was down 12% YoY

Meanwhile, total global gold demand was up 11% YoY in 4Q24 (flat YoY in 2024), thanks to solid ETF inflows. At the same time, world mined gold output stood unchanged YoY in 4Q24 (also flat YoY in 2024)

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