Globally listed gold exchange traded products, including the SPDR Gold Shares (NYSEArca: GLD), iShares Gold Trust (NYSEArca: IAU), suffered outflows in June. On a regional basis, Europe was the exception as gold exchange trade funds and products listed there added new assets.

“Holdings in global gold-backed ETFs and similar products fell by 49.3t to 2,434t in June, pushing assets under management (AUM) in US dollars down by 2.1% relative to May,” according to the World Gold Council (WGC). “Investors seemed to shrug off poor equity market performance and escalating global trade tensions, pushing the gold price down by 4.2% in June.”

Gold’s June weakness has the aforementioned ETFs and others looking vulnerable from a technical standpoint, particularly when considering recent moves below critical moving averages.

“ETF outflows were dominated by North American funds, losing US$1.9bn in the face of US dollar strength and a declining gold price, while funds listed in Asia and other regions lost US$149mn and US$89mn respectively. Europe saw marginal inflows during the month, with gold holdings increasing fractionally by US$52mn,” said the WGC.

Related: Here’s Why Investors Are Dumping Gold ETFs

Dollar Dilemma for Gold

Commodities, including gold, are denominated in dollars, meaning that as the greenback strengthens, commodities often do the opposite. The inverse relationship between gold and the dollar has recently been on display.

The strengthening U.S. economy is translating to a stronger dollar, which is often a problem for gold. Gold, like other commodities, is denominated in dollars, meaning it has an inverse relationship to the U.S. currency.

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