Morning Bites (part 2)

🏦 Global central banks purchased net 45t of gold in November, vs. the revised +41t net in October, marking the 30th consecutive month of reserve accumulation, the World Gold Council reports

Specifically, gold purchases in November were mainly recorded in Poland, Brazil and Uzbekistan (+12t, +11t and +10t, respectively), while the only notable seller was Jordan (-2t). We remind readers that official central bank purchases currently 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 2026, given the steady inflows into global ETFs and central banks, in addition to concerns about a weaker US dollar and independence of the US Fed

#gold