Morning Bites (part 3)

📉Gold-backed ETFs sold net 51t of gold in January, sharply accelerating from the revised -9t in December, the World Gold Council reports. This marked the 8th consecutive month of declines in holdings. Specifically, American and European funds have sold 36t and 18t respectively, with only minor positive inflow of 3t seen in Asia. Overall, since June 2023, global ETFs gold reserves shrank 301t (~10% of physical gold demand in 2023 in annualised terms): we reiterate our view that ETF sales remain one of the key factors pressuring gold prices. However, gold miners’ rising cash costs, strong demand from global central banks and a potentially lower US Fed funds rate in 2024 is likely up bolster the precious metal’s performance this year, we believe

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