Morning Bites

🏦Global central banks purchased net 41t of gold in May, accelerating from the net 19t purchased in April, World Gold Council data show. Specifically, the major buyers in May were Poland (18t) and China (10t), which outweighed Russia’s (-6t) and Turkey's (-3t) sales

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, amid persisting global geopolitical unrest and de-dollarisation trends. Specifically, per a recent WGC survey, a record 45% of global central banks plan to increase their gold holdings over the next 12 months

#gold