July was the worst month for outflows in global gold-backed exchange-traded funds since March of 2021, as 81 tonnes of the precious metal left the market, according to the latest report from the World Gold Council. “Significant outflows from global gold ETFs and a decline in gold futures positioning, which reached net short for only the fifth time since 2006, weighed on gold’s performance throughout July. Gold also faced headwinds in the form of a stronger US dollar, weaker Brent crude prices following softer growth data and lower implied volatility,” said Adam Perlaky, senior analyst at the WGC, in the report. ... (full story)