Goldman Sachs said that despite the pressure of the Federal Reserve's tightening expectations, central bank purchases are expected to provide bottom support for gold. Demand is still strong. According to the bank's estimates, the central bank purchased 81 metric tons of gold in May, and the three-month average monthly gold purchase volume was 67 metric tons, far higher than the average of 17 metric tons before 2022. Goldman Sachs analysts said, “We believe the trend of central banks increasing their gold holdings will continue for many years as central banks diversify reserves to hedge against geopolitical and financial risks.” The bank predicts that the average monthly gold purchase volume for this year and next will be 50 metric tons and 40 metric tons, respectively.

Goldman Sachs said that despite the pressure of the Federal Reserve's tightening expectations, central bank purchases are expected to provide bottom support for gold. Demand is still strong. According to the bank's estimates, the central bank purchased 81 metric tons of gold in May, and the three-month average monthly gold purchase volume was 67 metric tons, far higher than the average of 17 metric tons before 2022. Goldman Sachs analysts said, “We believe the trend of central banks increasing their gold holdings will continue for many years as central banks diversify reserves to hedge against geopolitical and financial risks.” The bank predicts that the average monthly gold purchase volume for this year and next will be 50 metric tons and 40 metric tons, respectively.