BREAKING: Global central banks bought +321 tonnes of gold in Q3 2026, their largest quarterly purchase since Q4 2024. This also marks their 5th-largest quarterly purchase on record. Central bank gold purchases were up +8% from +296 tonnes acquired in Q2 2026 and up +453% from Q1 2026. By comparison, the 5-year quarterly average stands at +227 tonnes. China and Poland led Q3 demand, adding +63 tonnes and +40 tonnes, respectively. Year-to-date, global central banks have purchased +675 tonnes of gold, up +6% from the same period in 2025. Central banks are aggressively buying the dip in gold.

BANK OF AMERICA WARNS FED COULD DELIVER 50BPS HIKE IN DECEMBER Bank of America says October's hot CPI report virtually guarantees a December Fed rate hike — and opens the door to a larger 50bps move. Headline CPI rose 0.4%, while core CPI climbed 0.3%, marking a third consecutive upside inflation surprise. BofA now estimates core PCE inflation at 3.3% YoY. Price pressures are spreading across goods and services, with electronics, airfares and hotels driving increases. BofA still expects 25bps in December, but sees growing risk of another hike in January rather than March. The bank warns the Fed is falling behind inflation and calls October's decision to hold rates a potential policy mistake.