Morning Bites (part 2)

📈Gold-backed ETFs purchased 23t of gold net in July, vs. the +75t net seen in June, according to World Gold Council data. Most of the inflows were recorded in North America (+13t) and Europe (+11t). Overall, since May 2024, global funds have accumulated 559t net (~10% of world physical demand, in annualised terms), following the ongoing monetary easing cycle in the EU and China, the expected additional US fed rate cuts in 2H25, as well as geopolitical unrest

Although at spot gold continues to trade above what we see as its fundamentally reasonable level for mid-2025 (~USD 2,500/oz), we think the precious metal’s price will remain elevated in 2H25-2026, given strong inflows into global central banks and ETFs, in addition to the global trade related concerns

#ETF #gold