Goldman Sachs: Central Bank Gold Purchases Will Support Gold Prices
Prefer us on GoogleGoldman Sachs analyzes that despite the pressure from the Federal Reserve's tightening expectations, central bank buying is expected to provide a bottom support for gold. In May, central bank gold purchases amounted to 81 tons, with a three-month average monthly purchase of 67 tons, significantly higher than the average level of 17 tons before 2022. Goldman Sachs analysts point out that the trend of central banks increasing their gold holdings to hedge geopolitical and financial risks through reserve diversification will continue for many years. The bank predicts that the average monthly gold purchases for this year and next will be 50 tons and 40 tons, respectively.
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