Momentum may moderate from here. But the structural drivers underpinning the market remain firmly in place – and in some cases are strengthening. {chart} Official sector demand remains the backbone of the gold market. Since Russia’s invasion of Ukraine in 2022, central banks, particularly across emerging markets, have accelerated reserve diversification in response to sanctions risk, geopolitical fragmentation and a desire to reduce reliance on the US dollar. Crucially, this demand has proved steady and largely price insensitive. Poland, the world’s largest reported gold buyer last year, has signalled further ... (full story)