Singapore, 5 August 2026 – Gold may be positioned for another advance as geopolitical uncertainty, reserve diversification and strong Asian investment demand continue to offset the drag from higher interest-rate expectations. The case is not a simple momentum trade: it rests on whether institutional buyers maintain allocations while the US dollar and real yields remain volatile.
Gold-backed exchange-traded funds recorded US$8 billion of net inflows in the first half of 2026 despite US$8.9 billion of global outflows in June. Asian funds delivered their strongest first half on record, while North American products posted US$7.7 billion of outflows. Global ETF holdings still increased by 18 tonnes to 4,047 tonnes, showing that the investor base remained resilient through a sharp price pullback.
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