Gold is being evaluated for further gains after M2 money supply growth and a rebound in ETF inflows, according to @KobeissiLetter. The metal's average benchmark price hit $4,506.29 per ounce in Q2, and gold-backed ETFs turned positive in July after outflows in June.
Gold's push higher this year is being tied to two forces: expanding M2 money supply and renewed inflows into gold-backed ETFs, as noted by @KobeissiLetter. Pricing suggests participants view both trends as supportive of further gains.
The assessment comes against a backdrop of gold's historical highs earlier in 2026, when the average benchmark price reached $4,506.29 per ounce in Q2. Gold-backed ETFs then swung from significant outflows in June to positive inflows in July, a shift that may indicate renewed interest in gold as a hedge against economic uncertainty.
Money supply growth adds to that picture. As M2 expands, market participants appear to be factoring the extra liquidity into their expectations for gold's future performance, alongside the ETF flow data.
Analysts and market participants are watching upcoming Federal Reserve actions and global central bank policy for their effect on gold. Geopolitical developments and shifts in inflation data could also move sentiment from here.
The open question is whether gold holds its current support levels or whether further ETF inflows keep pushing the price higher.
Source: Crypto Briefing
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