Morning Bites (part 2)

📉Gold-backed ETFs saw outflows of 10t in December, roughly in line with the -9t in November, according to the World Gold Council (WGC). The figure accounted for ~2% of annualised global physical gold demand in 2022, marking the 7th consecutive month of declines. Specifically, in December, North American funds raised net 11t, while the EU sold 25t, with only 3t of purchases seen in Asia. Overall, global ETF holdings contracted 244t in 2023 (~5% of physical gold demand in 2022), which placed significant pressure on gold performance. Potential monetary policy easing in the EU and US in 1H24, however, might attract funds to gold purchases, we believe

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