**Gold Buying May Be Underreported**

**World central banks bought +44 tonnes of gold in July**, **158%** above the pre-**2022** average of **+17 tonnes**, according to **Goldman Sachs**.

The **3-month average** rose to **+91 tonnes**, near its highest since **mid-2025**. The **12-month moving average** has stayed between **+50 and +60 tonnes** in recent months.

Official data showed only **+23 tonnes** purchased in July, **21 tonnes** below actual levels. Official monthly purchases have not topped **+60 tonnes** since **November 2024**, suggesting central bank gold demand may be far greater than reported.

**[@futures](https://t.me/futures)