Gold prices end July with gains despite ETF outflows, August forecast looks muted ETF gold dollar
- The gold market continues to hold its own as bond yields and the U.S. dollar remain elevated; however, the market continues to struggle, seeing further liquidations in gold-backed exchange-traded products.
"Overall, global gold y-t-d flows were -US$4.9bn at end of July, a cumulative reduction of 84t in holdings," the analysts said in the report.Looking at a regional breakdown in outflows, European listed funds were slightly weaker compared to North American markets. The report said that 18.5 tonnes of gold valued at $1.31 million flowed out of Europe; meanwhile, North American listed products saw their holding decline by 16.3 tonnes or nearly $986 million.
"The US Fed increased rates by 25bps in July, but with recent inflation data softening, investors expect the Fed's current tightening cycle to end soon. While such expectations supported the gold price, they also led to investor risk-on sentiment and a rally in equities, which may have diverted investment away from gold," the analysts said.
Despite the disappointing investor interest, the WGC said that gold prices managed to end the month with a 3.1% gain, noting a rise in breakeven rates, indicating that inflation remains a concern.
France Dernières Nouvelles, France Actualités
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