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Jefferies says central-bank demand supports gold and suggests adding on dips
Jefferies points to strong official-sector buying and recommends adding gold on price corrections.
Jefferies’ Christopher Wood noted central banks bought a net 219.9 tonnes of gold in Q3 2025, up from 172 tonnes in Q2, citing World Gold Council data.
IMF figures show reserves at about 1,171.2 million oz at September-end, worth roughly US$4.48 trillion at prevailing prices. With prices elevated after a strong year, the house view is to accumulate on corrections given ongoing official-sector demand and diversification.
For Indian investors, rupee weakness and import duties remain key variables for realised returns.