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Post #1843 178
Morning Bites (part 2)

📈Gold-backed ETFs purchased net 43t of gold in October, after the +18t in September. According to the World Gold Council, North American funds led global inflows last month (+31t), while Europe remained the only region with net outflows (-11t). Overall, since ETFs’ return to gold purchasing in May 2024, global funds have accumulated net 164t, following the recently started monetary easing cycle in key economies (EU/US and China)

Although, at spot, gold keeps trading above its fundamentally reasonable level for 4Q24 (~USD 2,400/oz), we see more upside risks in the precious metal’s price, given the steady inflows into global ETFs and central banks, as well as geopolitical tensions globally

#ETF #gold
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