Central bank gold buying picks up in May

A summary of the most important gold news and analysis of the last week.

Gold price: $3,341.15 $XAUUSD ( 0.0% ) [View live gold price.]

Change from last week: $40.54 (1.23%)

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Gold news

• Central bank gold buying picks up in May [World Gold Council]

"Central banks added a net 20t to global gold reserves in May, an uptick from the previous month, though overall pace has moderated slightly."

• Western gold investing hits 4-year high as underlying bull run continues [BullionVault]

• Gold is witnessing a regime change as new factors drive bullion price – RBC’s Joseph Wu [Kitco]

• How the world is quietly preparing for a gold-backed BRICS currency [Gold Seek]

🔮 Gold price forecasts

• $3,000 is the new normal for gold, says abrdn’s Robert Minter - here’s why [Kitco]

“Gold is the only currency that is not someone else’s debt. Gold’s value above $3,000 is completely justified by the level of debt around the world,” he said. “It is unlikely gold will ever fall materially below $3,000 again.”

• Citi says gold crashes to $2,500 while JPMorgan sees $4,000 - here's who's right [IG]

"Citi sees collapse. JPMorgan sees liftoff. The gold debate isn’t just about demand - it’s about the future shape of global monetary power."