Central Banks Maintain Strong Gold Purchases in May Despite Interest Rate Pressures

Central banks continued to increase their gold purchases in May, with net reserves rising by approximately 41 tons. This trend indicates that the precious metal's appeal as a reserve asset remains strong, even amidst pressure from U.S. interest rate expectations. Poland led the purchases with 18 tons, bringing its year-to-date total to 64 tons, while the Chinese central bank added 10 tons, marking its twentieth consecutive month of purchases.