Morning Bites (part 2)

📉Gold-backed ETFs saw outflows of 37t in October, vs. the -59t in September, marking the 5th month of consecutive declines. According to the World Gold Council (WGC), last month, North American funds sold 28t, while net outflows from the EU were 11t, with only 1t purchased in Asia. As a result, global ETF net outflows in 10mo23 reached 225t (~6% of global physical gold demand in 2022 in annualised terms). We reiterate our view that ETF sales remain one the main factors pressuring gold prices. However, the potential decrease in US Fed funds rate in 1Q24, following the consensus estimates, might add support to the precious metal’s performance

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