Chinese institutional investors have made significant gold purchases, helping to maintain prices above the key psychological level of $4,000 per ounce. The People’s Bank of China reported its 20th consecutive monthly increase in gold holdings in June, acquiring 480,000 ounces, the largest monthly addition since October 2023. Chinese demand, both institutional and official, is playing a crucial role in stabilizing gold prices. Markets now price the probability of gold reaching $15,000 per ounce by end of 2026 at 2.5%, a modest but slightly increased level. Observers are monitoring further central bank purchases and geopolitical developments, particularly regarding Russia, Ukraine, and Taiwan, as key factors that could impact the gold market outlook.
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