Trump's victory and attention to his "America First" policy have prompted global gold investors to reduce their exposure to gold.

However, according to the latest report from the World Gold Council (WGC), North American investors continued to purchase gold ETFs last month.

WGC pointed out in its monthly ETF traffic report that the global gold market experienced a large-scale liquidation, with 28.6 tons of gold worth $2.1 billion flowing out of the ETF market in November. Analysts point out that Europe is at the forefront. Funds listed in Europe have released 26.3 tons of gold worth $1.9 billion. This is the first month since April that the region has experienced a net outflow of funds.

The analyst stated in the report, "Due to poor economic data and the US dollar reaching a new high since the beginning of the year, the euro and pound continue to weaken. Similar to the trend observed in previous months, this dynamic has led to capital outflows related to foreign exchange hedging products

At the same time, they pointed out that stubborn inflation has brought uncertainty to the European Central Bank's monetary policy and its current easing cycle.

The North American market was the only region with strong gold performance last month, with an inflow of 0.8 tons worth $79 million.

Analysts said, "Despite the significant risk to gold prices after the US election results, the region still recorded capital inflows, mainly due to increased demand from Canada. The US faced capital outflows in the first half of the month, but after Scott Bessent was nominated as US Treasury Secretary, capital inflows rebounded at the end of the month as the market began to anticipate a weaker US dollar and lower yields

After the US election, the significant sell-off of gold at the beginning of the month also made it difficult for Asian investors to bear. The WGC report stated that the outflow of funds from Asian listed funds was 2.2 tons of gold, worth $145 million, ending 20 consecutive months of capital inflows in the market.

Analysts say, "Asian powers have dominated capital outflows as the significant drop in local gold prices has weakened investor interest. In addition, despite fluctuations in the stock market, attention to gold continues to shift

WGC pointed out that due to the increasing optimism of consumers, funds have flowed into Indian funds.

Although the gold market has been quite unstable in recent weeks, WGC analysts have seen signs of stabilization. Recently, the gold price has successfully held the key support level of around $2600 per ounce.

They stated, "We believe that demand has found bottom line support due to lower expected returns, continued geopolitical risks, and uncertainty surrounding the implementation of future policy shifts and their global impact under the Trump administration.