Morning Bites (part 2)

📈Gold-backed ETFs purchased 55t of gold net in October, vs. the near-record +145t net seen in September, according to World Gold Council data. The reported inflows were strong in North America (+47t) and Asia (+45t), while European funds sold some 37t. Overall, since May 2024, global funds have accumulated 813t 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 4Q25-2026, given strong inflows into global central banks and ETFs, in addition to the global trade related concerns

#ETF #gold