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Morning Bites (part 2)

📈Gold-backed ETFs purchased net 100t of gold in February, after the +34t in January, marking the greatest gain since purchasing 185t in March 2022. According to the World Gold Council data, inflows were recorded in every region, with the strongest accumulation seen in N. America (+72t). Overall, since the return of ETFs to gold purchasing in May 2024, global funds have accumulated net 274t (~7% 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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