Morning Bites (part 1)

🏦 Global central banks sold net 3t of gold in December, vs. the revised +56t in November, the World Gold Council (WGC) reports. The major contributors were Kazakhstan (-11t) and Singapore (-3t), while only China officially purchased a notable amount of 10t. Although net outflows were recorded in December, we note that the official statistics for 9mo24 reflect only 33% of total demand from government institutions (per WGC estimates)

At spot, gold continues to trade above what we see as its fundamentally reasonable level for 1H25 (~USD 2,500/oz); however, 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