Morning Bites

🏦 Global central banks purchased 20t of gold net in May, vs. the revised +16t in April, marking the 24th consecutive month of reserve accumulation, the World Gold Council reports. Among the major contributors in May, Kazakhstan net purchased 7t (+15t YTD) and Poland added some 6t (+67t YTD). On the sellers' side, Singapore net sold 5t in May (-10t YTD), while Uzbekistan released some 1t (-27t YTD)

At spot, gold continues to trade above what we see as its fundamentally reasonable level for mid-2025 (~USD 2,500/oz); however, upside risks prevail for the precious metal’s price, given the steady inflows into global ETFs and central banks

#gold