Morning Bites

🏦 Global central banks purchased 24t of gold net in February, vs. the 19t buy in January, marking the 21th consecutive month of reserves accumulation, the World Gold Council reports. The major contributors were Poland (+29t) and China (+5t). On the sellers' side were Uzbekistan and Kazakhstan which sold 12t and 8t, respectively

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

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