Morning Bites

🏦 Global central banks purchased net 19t of gold in April, reversing from the revised 53t net sale in March, World Gold Council data show. Specifically, the major buyers in April were Poland (14t) and China (8t), which outweighed Russia’s sales (-6t)

Although, at spot, gold continues to trade above what we see as its fundamentally reasonable level, we believe that the precious metal’s price will remain elevated in 2026, as global ETFs and central banks returned to gold buying in April, as we expected. Moreover, intense inflationary pressure, if high oil prices persist, might eventually trigger another bull-run in gold prices, as happened in 1978-1980

#gold