Global central banks bought a net 52 tonnes of gold in October, up from a revised 42 tonnes net in September, marking the 29th

Consistent month of reserve accumulation, reports World Gold Council

In particular, gold purchases in October were mainly recorded in Brazil, Poland (16 tons each) and Uzbekistan (9 tons), while the only significant seller was Russia (-3 tons). We remind readers that official purchases by central banks represent only about 1/3 of actual demand for gold.

Although gold continues to trade above what we consider to be a fundamentally reasonable long-term level in the spot market, the price of this precious metal will remain strong in 1h26 given robust inflows into global ETFs and central banks.