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Morning Bites

📈Gold-backed ETFs purchased net 34t of gold in January, after the +4t in December. According to the World Gold Council, European funds led global inflows last month (+39t), while North America remained the only region with net outflows (-6t). Overall, since the return of ETFs to gold purchasing in May 2024, global funds have accumulated net 174t (~5% of world physical demand, in annualised terms), following the recently started monetary easing cycle in key economies (EU/US and China)

Although, at spot, gold keeps trading above what we see as its fundamentally reasonable level for 1H25 (~USD 2,500/oz), we think the precious metal’s price will remain elevated in 2025, given continuing inflows into global ETFs and central banks, in addition to ongoing geopolitical tensions

#ETF #gold
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