World Gold Council: North American funds had a slight outflow of $512 million, the only region to experience capital outflows in October. The current regional capital outflows were all dominated by US gold ETFs; Canadian gold ETFs continued to receive capital inflows. In October, market concerns about AI-related capital expenses heated up, and US technology stocks were sold off. The resulting market pressure may be one of the reasons for the outflow of North American gold ETF funds: some investors use gold holdings as a convenient source of liquidity. This also reflects one of the core characteristics of gold — sufficient liquidity, making it easy for investors to cash out during market shocks. The stock market was sold off in the same month, which also spurred capital to buy US Treasury bonds for safe haven. US Treasury bonds recorded their best monthly yield since December 2023 in October, and yields fell from a nearly 25-year high. The price of treasury bonds is relatively attractive. Combined with investors' repricing, the expectation that the Federal Reserve's policy will not be excessively tightened, the attractiveness of US bonds has increased. The capital was piled up in US debt, and the money originally invested in gold was diverted.

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