Morning Bites (part 2)

📈Gold-backed ETFs purchased 23t of gold net in July, reversing from the 77t net sale in June, per World Gold Council data. The inflows were mainly concentrated in Europe (+17t) and Asia (+5t) last month. Meanwhile, since May 2024, global funds have added 984t net (~10% of world physical gold demand, in annualised terms)

Although, at spot, gold continues to trade far 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. Despite the market’s uncertainty around future US Federal reserve monetary decisions (which has been weighing on gold prices recently), we do not expect any meaningful tightening in September, which might improve sentiment on the gold market

#ETF #gold