The World Gold Council revealed that holdings in global gold-backed exchange-traded funds fell in May by 2.2 tonnes to 2,421 tonnes, equivalent to $141 million in outflows.
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A more dovish stance by the Fed, coupled with the ongoing trade talks between the US and China, could also contribute to a slowdown in US dollar appreciation, which could add to gold’s momentum.
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But global gold-backed ETF flows remain positive on the year ($1.7 billion) on the back of strong inflows in January.
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Russia, Turkey and Kazakhstan remained key buyers throughout the year.
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