Early Wednesday morning in Asia Bloomberg came out with the analysis, taking clues mainly from the Citi and the HSBC bank, which hints further picking up in gold demand. The piece anticipates a pick-up in the central banks’ buying of the yellow metal due to one-decade low price levels. James Steel, the chief precious metals analyst at HSBC, is quoted in the article as saying, “Although official sector gold demand was quite robust in 2019 and 2018 and is softer this year, it is not necessarily weak by historical standards. While the influence of central bank activity should not be discounted, it is taking a backseat to ETFs and other forms of demand this year.” On the other hand, the Citi bank report also mentions, as per the report, that Russia could return to the market next spring and China’s central bank may resume adding to reserves after the U.S. elections. The piece also mentions the WGC data as saying, “While central banks were net buyers for a 10th straight year in 2019, demand has become more concentrated, with fewer banks adding to reserves in 2020, according to the World Gold Council (WGC). Purchases dropped 39% to 233 tons in the first half from the same period a year ago.” Market implications Gold prices ease from a one-week high by the time of the press. While cautious sentiment ahead of the US Presidential Debate might have caused a pullback of the yellow metal, updates like this suggest further strengthening of the bullion prices beyond the current levels near $1,894. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China’s NBS Manufacturing PMI beats estimates with 51.5 in September FX Street 2 years Early Wednesday morning in Asia Bloomberg came out with the analysis, taking clues mainly from the Citi and the HSBC bank, which hints further picking up in gold demand. The piece anticipates a pick-up in the central banks’ buying of the yellow metal due to one-decade low price levels. James Steel, the chief precious metals analyst at HSBC, is quoted in the article as saying, “Although official sector gold demand was quite robust in 2019 and 2018 and is softer this year, it is not necessarily weak by historical standards. While the influence of central bank activity should not be… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.