Morning Bites (part 1)

📈Gold-backed ETFs purchased 26t of gold net in February, vs. the +120t net seen in January, per World Gold Council data. The inflows were recorded in all regions except Europe, which sold 13t net last month. Overall, since May 2024, global funds have added 1,089t net (~13% of world physical gold demand, in annualised terms), following the 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 believe that the precious metal’s price will remain elevated in 2026, given the ongoing inflows into global central banks and ETFs in addition to the global trade related concerns

#ETF #gold