The world's central banks purchased 15 tons of gold in August, while in July, according to the revised data, the net sale was 1 ton) Kazakhstan purchased 8 tons of gold.

In September, the National Bank of Poland (the leading buyer of gold among central banks in 2024 with net purchases of 90 tons) confirmed that it would increase the target share of gold in its international reserves from 20% to 30%. In our opinion, this is a long-term positive factor for gold demand, as global central banks seek to diversify their assets. According to market participants, in 2025, the share of gold in the reserves of world central banks will exceed the share of US Treasury bonds for the first time since 1996.

In the spot market, gold continues to trade above the level that we consider to be justified from a fundamental point of view; however, there are risks of an increase in the price of the precious metal, given the stable inflow of funds to global ETFs and central banks.