Morning Bites (part 2)

🏦 Global central banks purchased 12t of gold net in April, vs. the +21t in March marking the 23rd consecutive month of reserve accumulation, the World Gold Council reports. The National Bank of Poland remains the leading buyer: both in April (+12t) and on a YTD basis (+61t), per official data. On the sellers side again was Uzbekistan, which sold 11t

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 continuous geopolitical tensions and trade war uncertainties

#gold