Morning Bites (part 1)

🇨🇳 In November, China's central bank resumed gold purchases for the first time in three years, buying 32t (1mnoz) to bring its total holding to 1,980t. The increase, on our numbers, was the equivalent of 8.5% of the global monthly physical gold demand in 2022. We note that in the last few years, the People’s Bank of China has entered the gold market twice – in 2015-16 and 2019 – and both purchase cycles lasted several months. In our view, further purchases in coming months might materially improve gold demand, supporting the price

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https://metals-wire.com:3000/news-reports