Physical gold-backed exchange-traded funds attracted 5.1 tonnes of inflows last week, the largest weekly increase since mid-April, according to data highlighted by The Kobeissi Letter.
Gold ETF Inflows Return
In dollar terms, investors added about $1.1 billion to gold-backed ETFs during the week, the market commentator said in a post on X on Tuesday.
The inflows followed four consecutive weeks of outflows totaling 58.2 tonnes, or about $7.6 billion, the data showed.
“Gold ETF holdings are showing the first signs of a recovery,” The Kobeissi Letter said in the post.
Gold ETFs Face Recent Pressure
Despite last week’s inflows, gold-backed ETFs have remained under pressure in recent months, with GLD and IAU down 4.79% and 4.73%, respectively, year-to-date.
Last week, Goldman Sachs lowered its year-end 2026 gold price target to $4,900 per ounce from $5,400, citing a more cautious near-term outlook for the precious metal.
Holdings Remain Below February Record
Total gold ETF holdings rose to 4,086.3 tonnes, approaching levels last seen in mid-January but remaining below the record 4,176.1 tonnes reached in February, The Kobeissi Letter said.
At last week’s gold prices, those holdings were valued at about $549.1 billion, compared with the record value of $701.7 billion.
Price Action: GLD fell 1.89% on Tuesday at $377.32, while IAU fell 1.87% at $77.33.
Benzinga edge rankings indicate GLD has a Momentum score in the 36th percentile and a negative price trend across the short, medium and long term.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Dodi Dharmanto / Shutterstock
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