Morning Bites

📈Gold-backed ETFs purchased 120t of gold net in January, vs. the 76t net addition in December, per World Gold Council data. The inflows were recorded in every major region: 43t in North America, 13t in Europe and 62t in Asia. Overall, since May 2024, global funds have added 1,063t net (~14% of world physical gold demand, in annualised terms), following the ongoing monetary easing cycle in the EU, and US, as well as persisting geopolitical unrest

Although at spot gold continues to trade above the level we see as fundamentally reasonable in the long term, 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