Two gold ETPs were among the products which saw the most outflows last week, in a sign investors are becoming more bullish about the outlook for the global economy for the rest of the year.

According to data from Ultumus, the Invesco Physical Gold ETC (SGLD) witnessed the sixth most outflows out of all ETPs listed in Europe, with negative flows of $154m in the week to 26 April, while the iShares Physical Gold ETC (SGLN) saw outflows of $131m.

Amid a return to volatility in Q4 and questions over the strength of global economy, the price of gold surged to $1,342 an ounce by February.

However, there has since been an improvement in market sentiment. According to April’s Bank of America Merrill Lynch survey, 86% of respondents said the inversion of the US Treasury yield curve does not signal an impending recession. The survey also found respondents were reducing cash levels.

Risk assets have outperformed in recent times with the price of gold falling back to under $1,300 to $1,284 an ounce, as at 29 April. The falling price could explain negative flows in the two ETPs.

The outflows comes after European gold-backed ETPs hit a record high of $48bn in Q1, accounting for 45% of the global gold ETP market, according to the World Gold Council.

The biggest drivers of this growth has come from the UK and Germany, driven primarily by concerns over Brexit uncertainty and warning lights the European economy is slowing.