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Global gold exchange-traded funds (ETFs) experienced a second consecutive month of inflows in June 2024, according to the World Gold Council (WGC). Inflows amounted to 17.52 metric tons in June, following 8.21 metric tons in May. Despite these recent gains, gold ETFs have suffered significant losses in the first half of 2024, losing $6.7 billion, marking the worst first half in a calendar year since 2013. The inflows were primarily due to additions to holdings by Europe- and Asia-listed funds.
$BTC spot ETF V.S. $GOLD ETF 🫣 https://t.co/G1GlKvnf6C
Holdings in gold-backed ETFs are rising, indicating a bullish trend for bullion. Strong central bank demand can further boost prices. Bloomberg notes ETF gains can counter hedge funds’ liquidation pressure, with funds easing off net-long futures. https://t.co/LjchKUzxiW
ETFs Can Offset Long Hedge Funds Liquidation Pressure on #Gold - Holdings in #ETFs backed by bullion are turning higher, and that's positive for the metal's price. COT data show #hedgefunds have tempered net-long #futures positions that became stretched. Demand from #centralbanks… https://t.co/4yWa2nPNXm
