Morning Bites

🏦Global central banks purchased 23t (net) of gold in July, vs. the revised 52t (net) in June, according to World Gold Council data. The major buyers in July were China (+20t) and Poland (+8t), which outweighed sales by Russia (-6t) and Turkey (-1t)

Although, at spot, gold continues to trade far above what we see as its cost support level (the 90%-ile AISC was ~USD 2,600/oz in 2Q26, 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