Gold has slipped below $4,200/oz, but ETF inflows continue to point to resilient investor demand despite an increasingly restrictive rates backdrop according to UBS.
Persistent ETF accumulation is notable given elevated 5y5y real yields and SOFR pricing that implies more than three additional hikes, conditions that would typically weigh on non-yielding assets. Lighter volume may also be contributing to the move as GLD ETF VWAPs approach 52-week lows