GLD Flows Turn Positive, But Global Gold Holdings Continue to Fall

The SPDR Gold Shares (GLD) ETF has seen a significant turnaround in flows, with net inflows of $635.94 million over five days, marking the first positive flow data in a quarter. This comes after the fund recorded six-month net outflows of $9.76 billion.

The GLD ETF traded at $398.47 on August 10, up from its previous close of $389.67, with an intraday range of $396.95 to $400.66. The fund's underlying holdings consist of gold bullion held in allocated form, and the price moves in lockstep with spot less expenses.

Gold has now opened above $4,400 for four consecutive sessions, up roughly 10% month over month, 30.40% year over year, and just 1.92% year to date. To regain the $5,000 spot level, the fund would need to reach approximately $452, while a revisit of its own high at $509.70 is still out of reach.

The global picture remains more sobering than GLD's recovery suggests, with world gold ETF holdings standing at 4,044.83 tonnes on July 24, down 76.44 tonnes on the month.