Investors' risk appetite improved as sovereign crisis in the Eurozone stabilized. Rally in gold price in May and June was driven by worries over disintegration of the euro. Now that risks in peripheral European economies diminished and stress test results were positive, demand for precious metals as safe-haven investment reduced.

Gold: 3 out of 10 ETFs under our coverage recorded net redemptions in the week ended July 23. SPDR Gold Trust, the world's biggest gold ETF, declined -391.1K oz, or -0.93%, to 41.86K oz. ETFS (London) slipped -32.00K oz, or -0.73%, to 4.36K oz while GBS dipped -6.98K oz, or -0.18%, to 3.96M oz. 3 ETFs showed increases in holdings but the gains failed to offset the declines. On net, gold holdings dropped -388.92K oz, or -0.59%, to 65.35M oz.

Silver: ZKB's Trust rose +576.99K oz to 72.85M oz last week. All other ETFs were flat from a week ago. Year-to-date, total silver holdings increased +4.93%.

Platinum: Only 2 ETFs showed changes in holdings during the reporting week. ETFS (US) added +10.03K oz, or +3.3%, to 313.93K oz but the gain was partly offset by redemption in ETFS (London). Total holdings climbed 2.33K oz, or +0.22%, to 1.04M oz.

Palladium: ETFS (London) was the only ETF that showed rise in holdings last week. Holdings rose +4.03K oz, or +0.86%, to 475.04K oz.