Gold stock in the world stock investment funds (ETF) in July increased by 55 tons to more than 2 million tons, say Commerzbank and Citi Research.
“Stock levels in July continued to grow, but not at the same dramatic rate as in June,” noted Commerzbank analysts, adding that the stockin June increased by 110 tons. Only for Friday, July 29, an inflow of 5.7 tons was recorded.
Since the beginning of the year, inflows have reached approximately 546 tons.
Citi adds that “gold price downside remains limited” in an environment where European bank risk remain elevated and negative interest rates are still a dominant theme in some of the major economies. Currently, gold is trading at 1,342 dollars an ounce.