- Rising interest rates should have provided a challenging environment for gold but that relationship broke down when Russia invaded Ukraine.
- There has been a significant flight of capital into gold by central banks. Politically exposed individuals have also been buying.
- Over 1000 tons was purchased by central banks in 2022 with a similar figure expected for 2023. Turkey was the largest buyer.
- Gold prices should benefit as interest rates trend lower, and its safe haven status should also provide support.