Morning Bites (part 2)

📉Gold-backed ETFs reduced their holdings a slight 4t through December (after outflows of 26t in November and 59t in October). As a result, the FY22 net outflow reached 110t. According to the World Gold Council, last month, North American funds reported their first month of positive demand (9t) since April, while EU funds saw dynamics of -14t. Overall, Asian funds registered a small increase in holdings of 0.8t, while funds in other regions were down 0.2t. In our view, ETF sales were generally the main factor pressuring gold prices, and as funds become less downbeat, it might be a supportive factor for our bullish gold case

#ETF #gold
https://metals-wire.com:3000/sector/Gold