1、 Gold ETF commentary May outflows from gold ETFs partially reverse recent gains June 2022 www.gold.org 01 Highlights Global gold ETFs ended their four-month run of positive inflows in May, with outflows of 53t (US$3.1bn). All regions saw outflows in May, with North America seeing the largest drop in

2、 holdings. Global holdings of gold ETFs are up 8% year-to-date and around 3% (99t) below the November 2020 peak of 3,922t May highlights Global gold ETFs ended their four-month run of positive inflows in May, with outflows of 53t (US$3.1bn). While this was the largest monthly outflow since March 202

3、1, total holdings remain 8% higher year-to-date at 3,823t (US$226bn). The rising US dollar and higher interest rates weighed on gold in early May. Momentum from ETF outflows also fuelled the move down to US$1,800/oz mid-month. Gold swiftly recovered from that level with a dollar pullback and lower U

4、S 10-year real yield lending support but the rebound ran out of steam and gold closed the month hovering around US$1,850/oz. For more details on the drivers of the gold price during May please see our Gold Market Commentary. ETF flows closely echoed the movement in the gold price; outflows accelerat

5、ed through the first half of May, followed by a flurry of inflows, which petered out at the end of the month. All regions saw net outflows, but North American-listed funds accounted for almost two thirds of the total with outflows of 34t (US$2bn), concentrated early in the month. The Fed delivered o

6、n its expected half-point rate hike, which likely contributed to the outflows. But Chair Powell signalled that future rises would not exceed 50bps and has repeatedly warned that bringing problematic inflation back towards the 2% target will involve pain. The prospect of potential recession and a res