Gold Turns Negative for 2026, Standard Chartered Warns of 270-Ton ETF Overhang

2 articles · Updated · Kitco NEWS · Jun 9

$4,221 spot gold fell nearly 1% on the day and slipped more than 2% for the year, extending a drop of over 5% since Friday's break below its 200-day moving average.
Standard Chartered said the selloff could deepen as rising real yields revive pressure on gold-backed ETFs, with markets increasingly pricing in a Federal Reserve rate hike by year-end.
At around $4,250, at least 270 tons of gold ETP holdings are already loss-making, the bank said; that exposure could reach 298 tons at $4,000 and leave prices vulnerable toward $4,100 support.
ETF holdings already fell 16 tons in May and have kept declining in June, while a stronger U.S. dollar is adding another near-term headwind even as the bank still sees medium-term recovery potential.