Morning Bites (part 1)

🏦 Global central banks' reserves remained basically unchanged in March, purchasing only 0.2t (net) of gold (vs. the revised 58.3t in February), the World Gold Council reports. The main buyers were China and Singapore (18.0t and 17.3t, respectively). On the sellers’ side were Turkey (-15.3t), Uzbekistan (-11.2t) and Kazakhstan (-10.5t). Despite some slowdown in reserves accumulation by central banks, we keep our positive view on the precious metal’s price amid inflation pressures and the unfavourable macroeconomic conditions globally. In addition, the recent poll by HSBC showed that most reserve managers are set to increase their gold holdings YoY

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