IS THE DROP IN GOLD PERMANENT?

🔸Eastern Europe Keeps Buying Steadily: Gold purchases in Eastern Europe remain high and relatively stable across all three time periods (12, 24, and 36 months). With a slight increase in the 36-month average, it has reached approximately 12 tons.
🔸Asia Shows an Increasing Buying Trend: Asia is the largest buyer over the 12-month period (about 8.3 tons), but this figure falls to 8 tons in the 24-month average. However, it rises again in the 36-month average to approximately 12.2 tons, surpassing Eastern Europe to become the largest buyer. This indicates that Asia has accumulated larger amounts over the past 3 years.
🔸Africa’s Contribution Is Limited: Africa’s net purchases stay at very low levels across all three time periods compared with the other two regions (roughly between 1.3 and 2.1 tons).
🔸Total Activity Is Increasing: In the 36-month average, the total purchase amount has increased compared with the 12-month average. This suggests that central banks in emerging market economies tend to increase their gold reserves in the long run.
🟢Despite outflows from gold ETFs in recent months, the main actor is still central banks on the buying side, which limits the price decline—and it will rise again in the medium to long term.
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