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Morning Bites (part 1)

📈Gold-backed ETFs again raised their gold holdings, up 18t in June, following the +8t in May. According to the World Gold Council (WGC), last month's inflows were concentrated in Europe (+18t) and Asia (+7t), while North American funds sold net 8t

ETFs' return to buying gold, after a long period of selling, creates additional fundamental support for the metal. We estimate that the gold price has exceeded its fundamentally reasonable level of USD 2,200-2,300/oz in 2024 following the persistently strong demand from global central banks and in light of a widely expected US Federal Reserve funds rate cut in 2024. However, gold has more upside risks, such as geopolitical tensions and the upcoming Fed fund rate cut

#ETF #gold
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