Morning Bites

🏦 Global central banks purchased net 52t of gold in October, vs. the slightly revised +42t net in September, marking the 29th consecutive month of reserve accumulation, the World Gold Council reports

Specifically, gold purchases in October were mainly recorded in Brazil, Poland (+16t each) and Uzbekistan (+9t), while the only notable seller was Russia (-3t). We remind readers 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 1H26, given the steady inflows into global ETFs and central banks

#gold