    decided to continue adding gold to their reserves. Even though gold is not backing currencies as it once did, it is still being utilized and sought after by central banks.


         


       much higher volume of sales.


HIGHER GLOBAL INTEREST RATES TAKE THEIR TOLL          interest in gold by central banks can be attributed to the increasingly more attractive alternative of sovereign debt  in light of rising interest rates.


 In addition to the reduced demand from   


                          achieve the 2.0% inflation target to ensure its credibility.


HAWKISH NOW, BUT WILL THE FEDERAL OPEN MARKET COMMITTEE TURN DOVISH      Federal Reserve rhetoric, most market    analysts believe the FOMC hiked interest  26 meeting. In fact, some economists  FOMC could reverse course and reduce 


CONCLUSION   if the fundamentals gradually shift from bearish to bullish later this year, and     aggressive Fed could be the catalyst for   


 Senior Financial Economist ADM Investor Services 


IN ADDITION TO THE REDUCED DEMAND FROM CENTRAL BANKS RECENTLY, GOLD PRICES HAVE ALSO BEEN PRESSURED BY RENEWED HAWKISH RHETORIC FROM FEDERAL RESERVE OFFICIALS.


Source: QST 9 | ADMISI - The Ghost In The Machine | Q3 Edition 2023


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