Morning Bites

🏦 Global central banks purchased 38t of gold net in June, vs. the +21t in May, marking the 25th consecutive month of reserve accumulation, the World Gold Council reports. We note that the monthly net gold inflow figure excluding Azerbaijan (+16t), which only provides data on quarterly basis, was 22t

Among the major contributors in June were Uzbekistan and Kazakhstan, with net purchases of 9t and 7t, respectively. On the sellers' side, Singapore net sold some 6t in June

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

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