Founders: Central Bank Purchase Acceleration Likely

GS

• We are updating our GS nowcast of central bank gold purchases because, since August 2025, it has begun to systematically undershoot flows implied by physical balances in London. Our updated 12-month moving average (12MMA) nowcast stands at 50 tonnes/month in March compared with 29 tonnes/month under the previous specification (Exhibit 1).1

  

• We expect cen…