Central banks are one of the largest buyers of gold bullion in the world but it looks like their appetite is declining. Central bank gold purchases have been trending down since Q3 2022, however, gold prices managed to rise throughout Q4 2022 and into the first 5 months of 2023.
If central bank gold purchases should continue to decline, as witnessed in Q4 2023 from Q3 2023, is it likely that gold can remain above $2,000/oz? To start 2024, Gold prices have slipped -1.33% and that may or not have something to do with declining central bank purchases.
However, it is important to note that in Q4 2023 gold hit record highs in several major currencies but the U.S. dollar was not one of them. There’s just something about that $2,000/oz figure…
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