Gold: Record outflows from ETFs – BNY
BNY's report, authored by Head of Markets Macro Strategy Bob Savage, discusses significant outflows from China's gold ETFs, totaling nearly $1 billion, following a sharp decline in gold prices. This trend reflects fragile investor sentiment after a recent peak in gold prices. Despite a recovery in prices, the report warns that the outflows indicate ongoing concerns among investors.
Gold ETF outflows
"China’s gold ETFs suffered record daily outflows on Tuesday, with nearly $1bn pulled from the country’s largest bullion-backed funds as a sharp drop in gold prices rattled investor confidence."
"The abrupt reversal followed gold’s pullback from an all-time high and its steepest single-day decline since 2013 during Asian trading on Friday, validating concerns that the rally had become overstretched."
"Although bullion recovered more than 6% on Tuesday as dip buyers returned, the scale of ETF outflows highlights how fragile sentiment remains."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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