Morning Bites (part 2)

📈Gold-backed ETFs purchased a near-record 146t of gold net in September, vs. the +53t net seen in August, according to World Gold Council data. The reported inflows were strong across all main regions: North America (+89t), Europe (+37t) and Asia (+18t). Overall, since May 2024, global funds have accumulated 758t net (~12% of world physical gold demand, in annualised terms), following the ongoing monetary easing cycle in the EU, US and China, as well as persisting geopolitical unrest

Although at spot gold continues to trade above what we see as its long-term fundamentally reasonable level, 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