The SPDR Gold Trust ETF reported $2.1 billion in outflows in May, its largest monthly withdrawal since July 2022, according to Benzinga. The sell-off signals a sharp reversal after $7.5 billion in inflows over the prior three months. Gold prices stalled in May following a record high of $3,500 per ounce in April, as easing geopolitical tensions, spurred by the U.S.-China tariff rollback, prompted investors to pivot toward risk assets. Despite short-term weakness, gold is up 26% year-to-date, outperforming all major assets. Goldman Sachs expects gold to hit $3,700 by year-end, citing structural demand, safe-haven interest, and central bank diversification.
