Morning Bites (part 2)

📈Gold-backed ETFs saw outflows of 56t in June, disrupting the 3 months of consecutive growth, which included a 19t gain in May. This means the overall net outflow for 1H23 was 50t. According to the World Gold Council (WGC), last month's outflows were concentrated in Europe and North America, which collectively lost 53t in June. The sales from ETFs might have been the main pressuring factor for the gold performance in June: the price declined ~3% over the month. Despite some downturn in world ETF sentiment, we maintain our positive outlook on the yellow metal’s performance, due to rising gold miners’ cash costs and steady YoY growth in physical gold demand

#ETF #gold 
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