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Morning Bites (part 2)

📉 Gold-backed ETFs sold net 29t of gold in November, marking the first net sale since April, vs. +43t in October. According to the World Gold Council, European funds led the entire global outflows, with net sales of 26t

Although ETFs’ sales could have been the main factor pressuring gold prices in November, inflows might pick up in the coming months given the recently started monetary easing cycle in key economies (EU/US and China), we believe. Global funds have accumulated net 135t since May (~5% of physical gold demand in 2023 in annualised terms)

#ETF #gold 
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