Global gold ETFs registered outflows of 81t (-US$4.5bn) in July.1 This was the third consecutive month of outflows and the worst since March 2021. A stronger US dollar and COMEX net long positioning – the lowest since April 2019 – helped push the gold price down through the US$1,800/oz support level. Gold finished the month at US$1,753/oz, down 2.8% on the year. Overall, y-t-d global inflows are 153t (US$10.3bn). Despite outflows in recent months, 2022 inflows nearly offset 2021 outflows highlighting continued strategic demand for gold. Total holdings at the end of July stood at 3,708t (US$209bn), up 5% on the year.Powered by Commodity Insights
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