GLD is trading 2.2% down today as escalating Middle East conflicts drive crude oil prices above $100/barrel, reigniting inflation concerns and reducing expectations for Fed rate cuts.
- Higher Treasury yields near 4.4% and a stronger US dollar are increasing the opportunity cost of holding non-yielding gold, pressuring prices globally.
- The fund has seen outflows exceeding $6 billion over the last three weeks as investors rotate capital into Bitcoin ETFs.