Gold ETF outflows accelerated last week as the equity market rally pulled capital away from safe-haven assets. Global holdings fell by 18.3 tonnes in the week ending June 19, steeper than the 12-tonne outflow recorded the prior week, according to World Gold Council data.
The selling was concentrated in North American-listed funds, which accounted for 14.1 tonnes of the outflows. European-listed funds saw 4.5 tonnes of outflows, while Asian funds were flat. The iShares Gold Trust and SPDR Gold Shares saw the largest single-fund redemptions.
The shift in sentiment correlates with the S&P 500's 1.7% weekly gain, driven by strong tech earnings and fading recession fears. The VIX fell below 15 for the first time since early May, reducing the hedging premium that had supported gold since the Hormuz Strait tensions in early June.
Managed money positioning on COMEX has also declined. CFTC data for the week ending June 16 showed speculative long positions falling 8% to 112,000 contracts, while short positions rose 12%, the largest bearish shift since March 2026.
The accelerating ETF outflows suggest near-term gold prices could face more downside. For procurement teams hedging precious metals exposure, the outflow trend signals declining institutional interest. Monitor weekly WGC data: if outflows exceed 20 tonnes in a single week, that would indicate a more structural shift out of gold.