Morning Bites (part 3)

📉Gold-backed ETFs reduced their holdings 59t in September, vs. the -46t in August, according to the World Gold Council (WGC). The figure accounted for ~15% of annualised global physical gold demand in 2022, marking 4th consecutive month of declines. Specifically, in September, North American funds sold 35t, while net outflows from the EU were 28t, with only 5t of net purchases seen in Asia. Overall, global ETF holdings have contracted 189t so far in 2023 (~5% of annualised gold demand). We reiterate our view that ETF sales remain one of the key factors pressuring gold prices, amid persistently strong demand from central banks and rising cash costs of gold miners

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