Morning Bites (part 1)

📉Gold-backed ETFs sold net 49t of gold in February, after the -51t seen in January, marking the ninth consecutive month of declines in holdings, the World Gold Council reports. Specifically, American and European funds have sold 37t and 15t, respectively, with only a minor positive inflow of 3t in Asia. Overall, since June 2023, global ETFs gold reserves shrank 350t (~10% of annualised physical gold demand in 2023). Although ETFs sales remain one of the key factors pressuring gold prices, potentially lower US Fed funds rate in 2024 and the growing cash costs for miners are likely to push the gold price higher this year, we believe

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