Central Banks & Gold: What Are They Planning? — Joe Cavatoni
Today, we delve into the intricacies of the gold market, dissecting the ebbs and flows that characterized 2023. The World Gold Council’s recently unleashed Gold Demand Trends Report for 2023 offers a panoramic view of how gold weathered economic uncertainties and geopolitical storms. Let’s unravel the layers and decipher what transpired in the gold market.
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The Golden Highlights of 2023
In the vast tapestry of economic fluctuations, the gold market stood out prominently in 2023, reaching unprecedented heights. The January US Consumer Price Index (CPI) report underscored a 3% monthly and 3.1% annual growth, intensifying the allure of gold amid rising economic uncertainties. But what fueled this exceptional performance?
1. Gold Price Peaks
As the curtains closed on 2023, gold prices reached unparalleled heights. Central banks were on the brink of surpassing their historic buying spree, creating a compelling narrative for investors. Despite ETF outflows, recycling efforts contributed to an uptick in overall gold supply.
