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Morning Bites (part 3)

📈Gold-backed ETFs saw inflows of 8t in May, after 11 months of consecutive net sales. According to the World Gold Council (WGC), last month's inflows were concentrated in Europe (+6t) and Asia (+5t); North American funds sold net 2t in May. In our view, gold at spot is still trading above its fundamentally reasonable level (USD 2,200-2,300/oz for 2024), driven by the persistently strong demand from global central banks and widely anticipated US Fed funds rate cut in 2024

We also remind readers that ECB (the European Central Bank) yesterday decided to lower its key rate to 3.75% (vs. 4.00% earlier), marking the first cut since 2019, which was in-line with market expectations

#ETF #gold 
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