Bank Julius Baer: Gold prices may face additional pressure due to some central banks selling reserves

Golden Ten Data reported on March 27 that Carsten Menke, an analyst at Julius Baer, stated that gold is currently facing additional pressure due to central banks selling reserves, though he remains optimistic in the long term. Menke noted that Turkey has sold approximately 54 tons of gold to support the lira since the outbreak of the Iran war, and Poland is also considering selling gold. He pointed out that involuntary selling is more worrying than voluntary rebalancing because the former lacks a certain degree of controllability. He expects volatility to remain high in the short term.