The SPDR Gold Shares (GLD), the largest gold-backed exchange-traded fund, saw its biggest weekly outflow since July 2022, with over $1 billion being withdrawn. This significant withdrawal was a result of traders taking advantage of profits after Donald Trump's decisive election victory.
During the same period, spot gold prices dropped by 1.9%, reflecting a broader trend as total gold ETF holdings decreased by 0.4%. This decline marked the second consecutive week of decline. The market's response highlights the impact of political events on commodity investments, particularly in the gold sector.