JOHANNESBURG (miningweekly.com) – Total holdings in gold-backed exchange-traded funds (ETFs) contracted 67.7 t month-on-month to 2 245 t, or 72.2-million ounces, in July, effectively reversing the gains made in the past few months.
The value of the holdings fell 1% month-on-month to $91.5-billion in July, data published by the World Gold Council (WGC) shows.
“North American funds bore the heaviest losses – holdings were 60.6 t lower [a 5% contraction] at 1 166.1 t,” the WGC said.
Holdings in Europe also declined by 6.8 t to 970.9 t, while funds in Asia reported a marginal 0.7 t uptick to 62.5 t.
Gold holdings by the rest of the world dropped 1 t to 45.3 t.