So far this year, an ever growing cocktail of bullish macro tailwinds has driven Gold prices to all-time highs above $2,400 an ounce.
And the rally might not stop there!
Data released this week, showed global demand for Gold has never been stronger. In the first quarter of 2024 central banks bought 290 tonnes of Gold – the strongest start to any year on record.
More impressively, Gold demand over the last 7 quarters has exceeded 40 million ounces on average. That’s almost 2 million ounces higher than the quarterly average from Q1, 2010 to Q2, 2022.
Among central banks, the People’s Bank of China has firmly taken top spot as the biggest buyer of Gold – adding 60,000 ounces of Gold to its reserves in April.
That marked the 18th straight month the People’s Bank of China added to its Gold holdings – its longest-ever Gold buying spree – as it looks to diversify its reserves away from the dollar and hedge against currency depreciation.
