Global gold funds are showing the first signs of recovery since the Iran war began:

World gold-backed ETFs posted +9 tonnes of gold inflows in the week ending April 3rd, the highest since the last week of February.

This comes after 4 consecutive weekly outflows of -88 tonnes following the outbreak of the Iran war.

The largest US gold-backed ETF, $GLD, alone added 7 tonnes last week, bringing total holdings to 1,054 tonnes, the highest since March 20th.

$GLD's holdings are still -47 tonnes below the early March peak of 1,101 tonnes, which marked the highest level since April 2022.

Meanwhile, holdings in the silver-backed ETF, $SLV, fell -24 tonnes over the last week, to 15,264 tonnes, near the lowest since November.

Investors are rotating back into precious metals.

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