Morning Bites

🏦 Global central banks bought net 35t of gold in December, vs. the purchases of 45t net in November, marking the 31th consecutive month of reserve accumulation, per the World Gold Council's data

Specifically, the main central bank gold buyers in December were Azerbaijan, Uzbekistan and Kazakhstan (+15t, +10t and +8t, respectively); the only recorded seller was Singapore (-11t). 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

#gold