Goldman Sachs sees structural gold buying as central bank demand hits 59 tonnes in April

From investinglive.com

Global central banks purchased an estimated 59 tonnes of gold in April, with China alone accounting for around 24 tonnes, Goldman Sachs said in a research note that described the broader shift toward gold in official reserves as structural rather than cyclical. The figures, drawn from Goldman's proprietary nowcast model, show the monthly pace of buying has moderated to around 50 tonnes on both a three-month seasonally adjusted and 12-month moving average basis. Despite the softer pace compared with earlier peaks, the bank sees no reason to revise its structural outlook, forecasting continued central bank accumulation ... (full story)