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
SPDR Gold Shares (NYSE:GLD) and iShares Gold Trust (NYSE:IAU) remain among the largest physically backed gold ETFs available to investors.
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.
The inflows come amid renewed pressure on gold prices this week as investors weigh the prospect of additional Federal Reserve rate hikes and easing geopolitical risks.
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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