Morning Bites (part 2)

🏦 Global central banks purchased net 19t of gold in January, vs. the revised +23t in December, marking the 20th consecutive month of reserves accumulation, the World Gold Council (WGC) reports. The major contributors were Uzbekistan (+8t) and China (+5t). On the sellers' side were Russia and Jordan: each sold 3t

At spot, gold continues to trade above what we see as its fundamentally reasonable level for 1H25 (~USD 2,500/oz); however, upside risks still prevail for the precious metal’s price, given the steady inflows into global ETFs and central banks, as well as trade war concerns

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