Morning Bites (part 1)

🏦 Global central banks purchased 39t of gold, net, in September, vs. the +15t net buy in August, marking the 28th consecutive month of reserve accumulation, the World Gold Council reports

Specifically, gold purchases in September were mainly led by Brazil (+15t) and Kazakstan (+8t), while the only notable seller was Uzbekistan (-4t). We recap that official central bank purchases represent only ~1/3 of real gold demand from government institutions, per WGC estimates

Although at spot gold continues to trade above what we see as its fundamentally reasonable long-term level, we believe that the precious metal’s price will remain elevated in 4Q25-2026, given the steady inflows into global ETFs and central banks

#gold