n The gold price broke higher last week, rising nearly 6% before correcting on Friday to just under $4,100. n Our GS nowcast estimates central bank purchases at 64 tonnes for September (vs. 21 tonnes in August), and central bank buying likely continued in November. We continue to see elevated central bank gold accumulation as a multi-year trend, as central banks diversify their reserves to hedge geopolitical and financial risks. We maintain our assumption of average monthly central bank buying of 80 tonnes ...