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ETF Holdings Hit Fresh Cycle Low


The year-to-date downtick in bullion has come alongside a fresh cycle low for known ETF holdings of gold (with that measure moving to the lowest level seen since early ’20).

  • Official account buying of bullion was a more meaningful flow factor for gold prices in ’23 and that may remain the case in the ’24, particularly if the same accounts continue to diversify some of their reserve holdings away from the USD.
  • MNI London Bureau | +44 0203-865-3809 |
    MNI London Bureau | +44 0203-865-3809 |

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