Morning Bites (part 1)

🏦Global central banks were net purchasers of 50t of gold in November (vs. 34t in October), the World Gold Council reports. The biggest buyer was China, with 32t (the first increase in reserves since end-3Q19), while Turkey purchased 19t (vs. 9t in October). Meanwhile, central banks sold only 5t of gold in November. The further build-up of gold reserves by institutions implies a positive read-across for the commodity prices, if it persists in the coming months

🇨🇳In December, China's central bank raised its gold holdings a further 30t to a total of 2,010t, after 32t growth in November. The increase, on our numbers, was the equivalent of 8% of the global monthly physical gold demand in 2022. Meanwhile, the two recent gold purchase cycles of the People’s Bank of China (in 2015-16 and 2019) lasted from several months to almost a year. Hence, we reiterate our view that more purchases might be reported in 2023, driving growth in gold prices

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