"This Is Pandemic-Like Demand": UBS Finds "Unprecedented" Physical Demand For Gold

It was a little over a year ago when a puzzled market was looking at the suddenly surging price of gold - which erupted from a 2022 low of $1630 in early November to close some $200 higher by year end, in the process diverging dramatically from real interest rates to which it had previously been pegged...

.... and trying to figure out what was behind the sharp move higher.We were happy to reveal the answer, when we first showed that China had officially resumed its gold purchases in November 2022 for the first time after a three year "quiet period"...