Gold ETFs See Largest Weekly Inflows Since Mid-April
Physical gold-backed ETFs attracted $1.1 billion in net inflows last week, the largest since mid-April, reversing four straight weeks of outflows that totaled $7.6 billion.
Last week, physical gold-backed ETFs recorded net inflows of +5.1 tonnes, worth approximately $1.1 billion. This marks the strongest weekly inflow since mid-April.
The inflows break a streak of four consecutive weekly outflows, which had removed a combined 58.2 tonnes (or $7.6 billion) from these funds. The reversal brings total gold ETF holdings to 4,086.3 tonnes, roughly in line with mid-January levels.
By comparison, the all-time high for gold ETF holdings was set in the final week of February at 4,176.1 tonnes. At last week's gold prices, total holdings stand at $549.1 billion, still 22% below the record $701.7 billion.
The data suggests the first signs of a recovery in gold ETF demand after a prolonged period of outflows.
Source: The Kobeissi Letter