🔥Central bank demand for gold is historically STRONG: Central banks acquired +61 tonnes of gold in September, the highest monthly total of 2026. Poland led purchases, adding +25 tonnes, followed closely by China with +23 tonnes, extending its gold accumulation streak to 23 consecutive months. This brought year-to-date purchases to +675 tonnes, up +6% YoY, with Poland leading at +123 tonnes, followed by China at +103 tonnes. As a result, Q3 demand totalled +321 tonnes, well above the 5-year quarterly average of +227 tonnes. October data point to further strong demand, with Poland adding +27 tonnes of gold, lifting its gold reserves to a record 700 tonnes. In addition, China added another +26 tonnes in October, bringing its year-to-date purchases to +129 tonnes and total reserves to a record 2,435 tonnes, just 2 tonnes below France, which holds the world’s 4th-largest gold reserves. Meanwhile, Turkey remains the largest net seller so far in 2026, with gold sales of -82 tonnes, as the central bank used its reserves to support the Lira and meet foreign exchange liquidity needs. Global central banks continue to aggressively accumulate gold.