Morning Bites (part 2)

📈Gold-backed ETFs purchased 38t of gold net in November, vs. the +55t net seen in October, according to World Gold Council data. The reported inflows were strong in Asia (+24t), while North American and European funds also accumulated 7t and 8t, respectively. Overall, since May 2024, global funds have added 852t 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 1H26, given strong inflows into global central banks and ETFs, in addition to the global trade related concerns

#ETF #gold