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Morning Bites (part 2)

📈Gold-backed ETFs purchased 115t of gold net in April, after the +92t in March, according to World Gold Council data. Most of the Inflows were recorded in Asia (+70t), and North America (+44t). Overall, since the return of ETFs to gold purchasing in May 2024, global funds have accumulated 481t net (~11% 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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