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Post #2034 182
Morning Bites

📈Gold-backed ETFs purchased 92t of gold net in March, after the +100t in February, according to World Gold Council data. Inflows were again recorded in every region, with the strongest accumulation in North America (+67t). Overall, since the return of ETFs to gold purchasing in May 2024, global funds have accumulated 366t net (~9% of world physical demand, in annualised terms), following the monetary easing cycle in key economies (EU/US and China) as well as geopolitical unrest

Although at spot gold continues to trade 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 ongoing inflows into global ETFs and central banks, in addition to the global trade related concerns

#ETF #gold
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