Western investors are making a strong comeback to the gold market after a three-year break, purchasing about 240 tons of gold-backed ETFs by mid-April.
That’s a significant shift from the 441 tons they sold in the past three years. This surge in demand is boosting prices, with gold recently breaking above $3,500 per ounce.
Major ETF inflows, especially into SPDR Gold Shares, are driven by institutional investors looking to hedge against market risks. Analysts believe this buying trend could push gold prices as high as $5,000 in the long run.