Morning Bites
🏦 Global central banks purchased net 19t of gold in February, vs. the +5t net seen in January, marking the 33th consecutive month of reserve accumulation, per World Gold Council data
The March numbers will be particularly important to watch, as Turkey kept selling with amplifying volumes, while it remains unclear how other central banks, particularly in the Middle East, adjusted their positions amid rising geopolitical tensions
Amid the escalation in the Middle East, we are seeing a broad risk-off across most asset classes, driven by concerns over rising inflation and, consequently, higher interest rates. Gold prices currently remain above fundamentally justified levels; however, if elevated oil prices persist, they are likely to accelerate cost inflation, which we believe could potentially make even current high gold prices a new fundamental baseline. As a result, we still see medium-term upside risks for gold
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