The World Gold Council reports that August was another strong month for gold-backed ETFs as gold prices surged, trade tensions spiked, the yield curve inverted and the Dow saw the worst day of trading so far this year.
Against this backdrop of risk-off sentiment, global gold-backed ETFs and similar products saw USD6.0 billion of net inflows across all regions, increasing their collective gold holdings by 122t (5 per cent) to 2,733t, according to new data from the World Gold Council.
This is the third straight month of momentum with gold-backed ETFs adding 13 per cent to their holdings during that period, the Council says.
Over August, the WGC reports that all key markets experienced inflows, with European-listed funds bringing in 33t (USD1.7 billion, 2.8 per cent), mainly via the UK as the pound continued to weaken and the probability of a ‘no-deal Brexit’ became more likely, the Council comments.
Meanwhile, North America funds led August’s flows, adding 78t (USD3.8 billion, 5.5 per cent of AUM), while Asian funds added 9t (USD468 million, 12 per cent) reversing year-to-date outflows.
Low-cost gold-backed ETFs accumulated 2.3t during the month, bringing their joint holdings to an all-time high of 58t, worth USD2.8 billion, the WGC says.
As the gold price in US dollars increased by an additional 7 per cent in August, global assets under management rose 12 per cent to USD134 billion.
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