Morning Bites (part 2)

📉Gold-backed ETFs reduced their holdings 9t in November, decelerating from the -37t in October, the World Gold Council reports. This marked the sixth consecutive month of declines. Specifically, the main sellers were European funds with a net outflow of 20t, which was partially offset by net purchases of 10t in North America. Overall, in 11mo23, global ETF holdings have shrunk 235t (~5% of gold demand in 2022 in annualised terms). We reiterate our view that ETF sales remain one of the key factors pressuring gold prices, while strong demand from global central banks, the rising cash costs of gold miners, as well as with a potentially lower US Fed funds rate in 1H24, might add some support for gold price performance

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