Gold ETF investment demand improved in April, but the market remains negative year-to-date

📆 10/05/2023 20:25:00
📰 KitcoNewsNOW

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Gold ETF investment demand improved in April, but the market remains negative year-to-date GoldETF

- Investment demand in the gold market continued to improve in April; however, the sector still has a hill to climb to undo the significant selling pressure seen last year and in the early months of 2023, according to the latest data from the World Gold Council.

The WGC said that investment demand in North America continues to lead the global marketplace. North American funds saw inflows of 15 tonnes last month, valued at $984 million. "Political uncertainties, continued currency weakness and elevated inflation sustained Turkish investors' interest in gold ETFs," the analysts said.

The analysts noted that gold needs a catalyst as it tiptoes around all-time highs above $2,080 an ounce. June gold futures last traded at $2,036 and ounce, down 0.38% on the day.

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