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Morning Bites (part 2)

📉Gold-backed ETFs reduced their holdings by 33t in April, accelerating from the revised -13t in March, the World Gold Council reports. This was the 11th consecutive month of declines. Specifically, the main sellers were European funds with a net outflow of 52t, which was partially offset by net purchases of 19t in Asia. Overall, in the last 11 months, global ETF holdings have shrank 397t (~9% of physical gold demand in 2023 in annualised terms)

Regarding the market fundamentals, we reiterate our view that the spot gold price has already exceeded its fundamentally reasonable level (USD 2,200-2,300/oz for 2024), driven by persistently strong demand from global central banks and market expectations of an upcoming US Fed funds rate cut in 2024

#ETF #gold
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