Central bank demand won’t prevent falling gold prices

Central banks will remain a steady source of gold demand and put upward pressure on prices over the coming years. However, we think that central bank buying will be outweighed by other factors, which informs our non-consensus view that the price of gold will fall further below $4,000 per ounce.

We’ll be discussing the outlook for gold prices, the risks to energy supply from the Middle East, as well as the impact of the AI trade on copper prices in an online Drop-In briefing at 3pm GMT/10am ET today. Register here to join.