By contrast, Gold ETFs recorded net inflows for the sixth consecutive month in October, notes Commerzbank commodities analyst Carsten Fritsch.
Gold ETFs see net inflows for sixth consecutive month
“According to the World Gold Council, these amounted to 43 tons. This means that almost 164 tons of Gold have flowed into ETFs since May. For the first time this year, holdings in Gold ETFs were also higher than at the end of 2023, meaning that net outflows in the first four months of the year more than completely reversed.”
“In October, there were net inflows into North America (30 tonnes) and Asia (23 tonnes), but net outflows into Europe (11 tonnes). According to the WGC, inflows into North America were particularly due to uncertainty in the Inflows into Asia occurred largely in China, where the WGC reported a record one-month inflow.”
“This is also notable because traditional gold demand for jewelry, bars and coins in China has been weak recently. However, it remains to be seen whether the shift in gold demand toward ETFs is here to stay. ETF Outflows in Europe were widespread in all major markets. The WGC attributes this to rising yields and weak local currencies.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
