Morning Bites (part 3)

📈Gold-backed ETFs increased their holdings 15t in April, decelerating from the 32t gain in March. According to the World Gold Council, during last month, all regions faced gold ETF inflows, expect for the EU (-0.7t).  Overall, we consider the resumption of ETF purchases, along with the steady YoY growth in physical gold demand (especially from the CBs) in 1Q23 and the worsening macroeconomic conditions, to be further supportive factors for our bullish view on the precious metal's performance

#ETF #gold
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