Morning Bites (part 2)

🏦Global central banks purchased 51t (net) of gold in June, vs. the revised 45t (net) in May, according to World Gold Council data. The major buyers in June were Poland (+19t) and China (+15t), which outweighed sales by Russia (-9t) and Turkey (-2t)

Although, at spot, gold continues to trade way above what we see as its cost support level (the 90%-ile AISC was ~USD 2,450/oz in 1Q26, on our numbers), we expect the precious metal’s price to remain elevated in 2026. Furthermore, a recent WGC survey indicates that a record 45% of global central banks plan to increase their gold reserves over the next 12 months

#gold