Morning Bites (part 2)

📈Gold-backed ETFs purchased 77t of gold net in December, vs. the revised +41t net seen in November, according to World Gold Council data. The reported inflows were especially strong in North America (+46t), while Asian and European funds also accumulated 17t and 12t, respectively. Overall, since May 2024, global funds have added 943t net (~13% 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 that the precious metal’s price will remain elevated in 2026, given strong inflows into global central banks and ETFs, in addition to concerns about a weaker US dollar and independence of the US Fed

#ETF #gold