Video News/In Focus with Jeremy Szafron

(Kitco News) - Gold fell as much as $135 an ounce on Nov. 12 to a new low for the year, even as central banks keep buying, much of it out of view. The World Gold Council estimates central banks bought 321 tons of gold in the third quarter, but only 120 tons was reported, leaving about 63% undisclosed. Joe Cavatoni, the council’s senior market strategist for the Americas, told Kitco News anchor Jeremy Szafron that the most active buyers “are either not reporting or reporting late,” and that central banks tend to step in when prices dip. He said gold often gets sold in moments of stress because investors need liquidity. Cavatoni said gold “overshot” in January and that the pullback is more in line with what the council expected. American investors have stepped back this year as Europe and Asia stepped in, he said, with many in the U.S. favoring cash and short-term yields. Looking to 2027, he said he expects gold to be “closer to 5,000 than we will to 3,000.”