The gold price is trading around $4,430 after another volatile week, but the longer-term fundamental picture continues to receive support from one of the precious metal’s most important sources of demand: central banks. Global central banks were net buyers of 23 tonnes of gold in July, according to World Gold Council data shared by The Kobeissi Letter. That made July the fourth consecutive month of net buying, following a considerably larger 51-tonne increase in June.