Morning Bites (part 2)

📈Gold-backed ETFs increased their holdings 32t in March (after the 34t decline in February), the first rise since April 2022. According to the WGC, last month gold ETFs saw inflows in the EU (+18t) and in N. America (+12t), which is in line with the previous data. We consider ETFs as one of the main factors affecting gold performance and, along with CB net purchases, substantial growth in physical gold demand during 4Q22 and the worsening macroeconomic conditions, this strong data supports our bullish view on the precious metal's price

#ETF #gold
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