Morning Bites

📉 Gold-backed ETFs sold 74t of gold net in June, after the sale of 16t net in May, per World Gold Council data. The outflows mainly came from North America (-42t) and Asia (-18t) last month. Meanwhile, since May 2024, global funds have added 963t net (~11% of world physical gold demand, in annualised terms)

Although, at spot, gold continues to trade way above what we see as its cost support level (the 90%-ile AISC was ~USD 2,450/oz in 1Q26, on our numbers), we expect the precious metal’s price to remain elevated in 2026. Moreover, we believe it possible that inflationary pressure, if high oil prices persist, might eventually trigger a bull-run in gold prices, as happened in 1978-1980

#ETF #gold