Goldman Sachs: Central bank buying will support gold prices.

Goldman Sachs stated that despite the pressure from expectations of a tightening by the Federal Reserve, central bank buying is expected to provide a bottom support for gold. Currently, the demand remains strong, with the bank estimating that central banks purchased 81 tons of gold in May, with a three-month average monthly purchase of 67 tons, significantly higher than the average of 17 tons before 2022. Analysts at Goldman Sachs said, "We believe that the trend of central banks increasing gold holdings to hedge geopolitical and financial risks will continue for several years." The bank forecasts that the average monthly purchase of gold in the next two years will be 50 tons and 40 tons, respectively.