Gold: Central bank demand underpins rally – ING
ING’s Ewa Manthey and Warren Patterson report that Gold extended its rally as the People’s Bank of China (PBoC) added 640koz to reserves, marking 21 consecutive months of accumulation. Spot Gold moved above $4,320/oz, supported by ongoing central bank buying and stronger Chinese ETF demand.
ING analysts Ewa Manthey and Warren Patterson report that gold's rally has been fueled by central bank demand, particularly from the People's Bank of China (PBoC). The PBoC has added 640koz to its gold reserves over the past 21 consecutive months, marking the largest monthly increase since October 2023. This steady accumulation in China's reserves has pushed spot gold prices above $4,320/oz, marking the highest level since mid-June.
The rally was supported by increasing speculative net long positions in COMEX gold and silver, both reaching multi-month highs.
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