Morning Bites

🏦 Global central banks purchased 10t of gold net in July, vs. the +38t in June, marking the 26th consecutive month of reserve accumulation, the World Gold Council reports

Overall, July saw relatively modest central bank inflows, led by a 3t purchase by Kazakstan. We recap that official central bank purchases represent only one third, give or take, of the demand from real government institutions, per WGC estimates

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