Goldman Sachs: Central Bank Buying to Support Gold Prices

Odaily Planet Daily News: Goldman Sachs stated that despite pressure from the market's expectations of a more hawkish Fed, central bank buying is expected to provide a bottom for gold prices. Demand remains strong. According to the bank's estimates, central banks purchased 81 metric tons of gold in May, with a three-month average monthly purchase volume of 67 metric tons, far exceeding the average of 17 metric tons before 2022. Goldman Sachs analysts said: "We believe that central banks' trend of increasing gold holdings will persist for years as they hedge against geopolitical and financial risks through reserve diversification." The bank predicts that the average monthly gold purchases will be 50 metric tons and 40 metric tons this year and next, respectively. (Jin Shi)