Volatile Gold ETF Flows Signal Caution Near $4,700/oz After Q1 Swings

Gold ETF flows show ongoing volatility, signaling investor caution as prices trade around $4,700/oz following Q1 peaks near $5,600/oz in January and subsequent corrections. Positive flows emerged on April 23, with three weeks of inflows including a sixth straight daily gain of +10 koz on April 21, lifting holdings to 99.3 million ounces after March outflows hit North America hard. Q1 net inflows remained modest and well below year-ago levels, denting jewelry demand at elevated prices, though medium-term outlook stays positive amid geopolitics and Fed easing bets.