Goldman Sachs: Central Bank Purchases to Support Gold Prices

Odaily Planet Daily News Goldman Sachs stated that despite pressure from expectations of a more hawkish Fed, central bank purchases are expected to provide a floor for gold prices. Demand remains strong currently. According to the bank's estimates, central bank gold purchases in May totaled 81 metric tons, with a three-month average monthly purchase volume of 67 metric tons, significantly higher than the average of 17 metric tons before 2022. Goldman Sachs analysts said: "We believe that as central banks hedge geopolitical and financial risks through reserve diversification, the trend of central banks increasing their gold holdings will continue for many years." The bank predicts that the average monthly gold purchases for this year and next year will be 50 metric tons and 40 metric tons, respectively. (Jinshi)