Goldman Reiterates $4,000 call on Persistent China buying, but...

Central Banks Still Buying, But Gold’s Support Base Is Shifting

Goldman Sachs’ May nowcast of central bank and institutional gold demand came in at 31 tonnes, extending a pattern of above-average accumulation. The figure pertains to non-U.S. participants operating through the London over-the-counter (OTC) market and compares favorably to the pre-2022 average of just 17 tonnes per month.