Gold: ETF holdings prints seventh consecutive month of positive inflows – ANZ
|The flight to safety theme, in the face of rising coronavirus cases and regional lockdowns globally, drove Gold close to $1,800, its highest level since November 2011, though the US dollar saw some recovery. What’s more, Exchange-Traded Funds backed by the yellow metal report their seventh consecutive month of positive inflows, adding 104 tons of gold in June, per ANZ Bank.
Key quotes
“Investors are weighing the stronger equity market against the rising cases of COVID-19. The equity market valuation looks expensive against the macroeconomic backdrop and runs a risk of correction.”
“Investment demand both in ETF and futures is rising with gold being the key risk diversifier at the moment. ETF holdings are reaching fresh highs (+104t in June) while speculators have also started piling up too. Money managers’ net-long positions increased by 14,137 contracts to 266,670 contracts.”
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