Morning Bites (part 2)

📈Gold-backed ETFs bought 67t of gold net in September, after the 121t net purchase seen in August, per World Gold Council data. The inflows were mainly concentrated in North America (+28t) and Europe (+22t) last month. Meanwhile, since May 2024, global funds have added 1,172t net (~11% 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 2,600/oz in 2Q26, on our numbers), we expect the precious metal’s price to remain elevated in 2026-27. The fact global ETFs maintained their gold purchasing in September — despite US monetary policy tightening — suggests continuing strong gold market sentiment, in our view

#ETF #gold