Central Banks Net Buy 17t Gold, TD Securities Cuts 2026 Forecast
AAAU•In April, central banks led by Poland and China bought 17 tonnes of gold while India’s central bank affirmed holdings of 880.52 tonnes after reports of a $12 billion sale. TD Securities cut its 2026 gold forecast as Fed rate-hike bets drove gold below $4,500/ounce despite ISM PMI at 54.5.
1. Central Bank Gold Purchases in April
In April, sovereign buyers resumed net purchases of physical gold, acquiring 17 tonnes led by Poland and China. This shift follows a March net-selling period and signals growing institutional demand for bullion.
2. India’s Central Bank Holds Steady
India’s Reserve Bank confirmed its gold reserves remain at 880.52 tonnes, refuting reports of a $12 billion sale over two weeks. The clarification stabilizes market sentiment on Indian demand for physical gold.
3. TD Securities Lowers 2026 Gold Forecast
TD Securities reduced its 2026 average gold price estimate as investors price in additional Federal Reserve rate hikes. Gold briefly dipped below $4,500 per ounce on rising yield expectations.
4. US ISM PMI Bolsters Gold
May’s US ISM PMI for services climbed to 54.5 from 53.6, exceeding forecasts of 53.8. The stronger services sector reading helped gold recover off session lows despite broader hawkish monetary outlooks.
