Central banks buying more gold, forecast to pick up in 2021 after slowdown in 2020

Gold buying by central banks, an important driver of bullion’s advance in recent years, is forecast to pick up in 2021 after a slowdown this year.

Citigroup Inc. sees demand from the official sector rising to about 450 tons after a drop to 375 tons this year, which would be the lowest in a decade. HSBC Securities (USA) Inc. expects a slight uptick to 400 tons from an estimated 390 tons in 2020, potentially the second-lowest amount in 10 years.