Goldman Sachs sees continued central bank gold buying in November
Central banks likely bought large amounts of gold in November in a multi-year trend to diversify reserves to hedge geopolitical and financial risks, Goldman Sachs said on Monday.
The Wall Street firm estimated purchases of 64 t for September, up from 21 tonnes in August.
Goldman reiterated in a note that gold prices will reach $4 900 by the end of 2026, with further gains likely if private investors continue diversifying their portfolios.
Spot gold fetched about $4 068 per ounce on Monday. Prices have gained 55% so far this year, driven by economic and geopolitical concerns, rising exchange-traded fund inflows, and expectations of further US interest rate cuts.
Source: Mining Weekly