Morning Bites (part 2)

🏦 Global central banks purchased 15t of gold net in August, vs. the revised net sale of 1t in July, the World Gold Council reports. Kazakhstan net purchased 8t of gold, while no major sellers were recorded in August

In September, the National Bank of Poland (the leading central bank gold buyer in 2024, with net purchases of 90t, per official data) confirmed that it would be raising its target gold share within its international reserves from 20% to 30%. In our view, this is a long-term positive factor for gold demand as global central banks tend to diversify their holdings. Some market participants estimate that, in 2025, the share of gold in global central bank reserves surpassed that of U.S. Treasuries for the first time since 1996

At spot, gold continues to trade above what we consider its fundamentally reasonable level; however, upside risks prevail for the precious metal’s price, given the steady inflows into global ETFs and central banks

#gold