Morning Bites (part 1)

📉Gold-backed ETFs reduced their holdings 46t in August (vs. the revised -35t in July), the third consecutive month to record a decline. As a result, global ETF net outflows YTD reached 130t. According to the World Gold Council (WGC), last month, North American funds sold 44t, while net outflows from the EU was 8t, which was slightly offset by 7t inflows in Asia. We reiterate our view that ETF sales remain the main factor pressuring gold prices, amid strong demand from central banks, an unfavorable macroeconomic environment globally and rising cash costs of gold miners

#ETF #gold
https://metals-wire.com:3000/sector/Gold