Morning Bites

🏦Global central banks purchased 39t (net) of gold in August, vs. the +23t (net) in July, according to World Gold Council data. The major buyers in August were China (+20t), Poland (+8t) and Uzbekistan (+8t), which outweighed Russia’s sales (-6t)

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 2026-27. Furthermore, a recent WGC survey indicates that a record 45% of global central banks plan to increase their gold reserves in 2H26-1H27

#gold