Morning Bites (part 1)

🏦 Global Central Banks continued to accumulate gold reserves in January, purchasing 32.7t of gold (vs. 26.5t in December), the World Gold Council reports. The main buyers were Turkey and China (23.3t and 14.9t, respectively). Meantime, the only net-seller was Uzbekistan, which reduced its reserves by 11.5t (vs. -1.2t in December). Overall, the dynamics are supportive for the sentiment on gold, especially as demand from central banks jumped >10x YoY in 4Q22. However, Turkey (~3% of world physical gold demand in 2022) is considering a reduction of its gold imports after the recent earthquakes, which might pressure future gold consumption

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