Goldman Sachs: Central bank's demand for gold purchases will support gold prices

Goldman Sachs stated that despite pressure from the Federal Reserve's expectation of tightening, central bank buying will provide bottom support for gold. In May, the central bank purchased 81 metric tons of gold, with an average monthly purchase of 67 metric tons over three months, far higher than the average level of 17 metric tons before 2022. Goldman Sachs analysts believe that as central banks diversify their reserves to hedge against geopolitical and financial risks, the trend of central banks increasing their holdings of gold will continue for many years. Goldman Sachs predicts that the monthly average purchase volume for the next two years will be 50 metric tons and 40 metric tons respectively.