Spot gold reaches its highest level since June, driven by record inflows into the GLD ETF and heightened investor appetite amid market uncertainty, signalling renewed confidence in gold as a safe haven.
Spot gold climbed to $4,395 an ounce on August 11, its highest level since early June, as the metal pushed back above its 100-day moving average, a technical threshold watched closely by traders. According to GuruFocus, that move came alongside a sharp pickup in demand for the SPDR Gold Shares ETF, better known as GLD, which has become one of the clearest beneficiaries of the renewed appetite for gold exposure.
The inflow story was striking. GuruFocus said GLD took in $637 million in a single day on Wednesday, its largest daily intake since June 18, followed by another $77 million on Thursday and $431 million on Friday. August inflows had topped $1.4 billion by that point, suggesting investors were again treating gold as a haven and a portfolio diversifier at a time of wider market uncertainty.
GLD’s size also underlines its importance in the precious-metals market. GuruFocus put the ETF’s market capitalisation at $143.49 billion, while noting that traditional equity-style measures such as a price-to-earnings ratio and GF Score were not available because GLD is backed by physical gold rather than operating earnings. The same data showed 14 prominent investors held the fund, with 8 adding to their stakes and 6 trimming, a pattern GuruFocus said pointed to rising institutional confidence in the vehicle.
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