Gold ETFs See Record Weekly Outflows of $4.7B

Global gold-backed ETFs experienced $4.7 billion in outflows last week, the largest weekly dollar withdrawal on record, according to data from The Kobeissi Letter. In tonnage terms, the funds shed 38.3 tonnes, marking the steepest weekly decline since September 2022.

North American funds led the sell-off with $23.6 billion in outflows, followed by Asia at $8.7 billion and Europe at $5.9 billion. The largest US gold ETF, the SPDR Gold Trust (GLD), alone saw $2.0 billion in outflows last week, the fourth-largest weekly withdrawal for the fund this year.

So far in June, GLD has recorded $3.2 billion in outflows, putting it on track for its second-worst month since February 2021, following a record $8.5 billion in March. Market sentiment toward gold remains highly volatile.