Central Banks' 'Colossal' Gold Purchases Offset India's Wedding Season Slump; Bullion Hovers Near $2,000
Portfolio Pulse from Piero Cingari
Central banks worldwide have increased their net purchases of gold by 14% compared to 2022, while the demand for jewelry has dipped by 2%. The People’s Bank of China (PBoC) has emerged as the world’s foremost buyer of gold. The SPDR Gold Trust (NYSE:GLD) rose 7.3% this month. Near-record gold prices could potentially suppress demand in India, the world’s second-largest gold buyer, during the upcoming peak festival season.
October 31, 2023 | 9:32 pm
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The SPDR Gold Trust (GLD) rose 7.3% this month, potentially due to increased gold purchases by central banks. However, high gold prices could suppress demand in India, which may impact GLD's performance.
The rise in GLD is likely due to increased gold purchases by central banks. However, the high price of gold could suppress demand, especially in India, which is the world's second-largest gold buyer. This could potentially impact GLD's performance in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80