Gold continues its strong rally and reached new historic highs today, breaking through the $2900 per ounce level. Gold is already up more than 10% this year, bringing the return in just over a month to approx. 1/3 of what we observed last year. For the past several months we have seen a marked increase in demand for gold due to geopolitical risks and lingering inflationary risks. Concerns about the trade war and the desire for greater reserve diversification on the part of central banks is triggering even stronger demand for gold.
Gold has already gained more than 10% this year. Source: Bloomberg Finance LP, XTB
Gold reserves on the COMEX have already risen by more than 100% since November 2024 (US elections), showing that investors are worried about the future and are betting on gold. At the same time, it can be seen that the increase in reserves on the COMEX is not dictated by the growth of gold in ETFs. Source: Bloomberg Finance LP, XTB
According to the latest data, the PBOC has continued to buy gold, despite its record prices. The bank resumed purchases in November and continued them in December and January. In January, the bank increased its gold reserves by 160,000 ounces. According to Bloomberg, the PBOC's purchases will continue in the face of a desire to increase reserve diversification and a desire to move away from the dollar in the face of geopolitical uncertainty.
Gold has broken through consecutive round levels and is less than 3.5% short of $3,000. At the same time, gold is moving away from the upward trend line, which means a clear acceleration of the upward momentum. The last time a major correction happened was in the first part of December. Source: xStation5
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