Gold Rally Continues as ETF Holdings See Biggest Jump Since 2022

Gold continues its strong performance, trading over $2,940 per ounce after eight consecutive weeks of gains.

The precious metal’s strength is primarily fueled by substantial investments in gold-backed ETFs, which saw their biggest inflows since 2022.

Goldman Sachs has responded by raising its year-end target to $3,100, citing central bank purchases and expanding ETF holdings as key drivers. The weakening U.S. dollar, combined with recent data showing slowed business activity and waning consumer confidence, has led traders to anticipate Federal Reserve rate cuts starting in July 2025.