Morning Bites (part 2)

📈Gold-backed ETFs increased their holdings 19t in May, following the 15t gain in April, marking the third consecutive monthly inflow. According to the World Gold Council (WGC), during last month, almost all regions saw positive demand, except for Europe (-2t). Hence, some improvement in world ETF sentiment supports our bullish view on the yellow metal’s performance, in addition to the steady YoY growth in physical gold demand and rising gold miners’ cash costs. We note that a recent WGC poll underpins the positive sentiment of global CBs’ managers towards gold holdings

#ETF #gold
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