Morning Bites (part 1)

🇨🇳In January, China's central bank increased its gold holdings a further 15t, to a total of 2,025t, after the 32-30t growth in November and December. The increase, on our numbers, represents ~4% of the global monthly physical gold demand in 2022. We note that the PBoC’s two recent gold purchase cycles (in 2015-16 and 2019) lasted from several months to almost a year: hence, we might see more purchases in 2023, in our view. Overall, the ongoing accumulation of gold reserves by global institutions (their purchases more than doubled YoY in 2022) is likely to provide further support to the precious metal's price

#gold
https://metals-wire.com:3000/sector/Gold