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Gold ETF outflows slowed considerably in November, says WGC

6th December 2023

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Global gold exchange-traded funds (ETFs) outflows slowed significantly in November supported by net inflows into North American funds, industry organisation the World Gold Council (WGC) reports.

Geopolitical risk and investor positioning helped push gold higher in the month, contributing to the change in trend in the US.

So far this year, collective holdings of global gold ETFs are down by 7%, while total assets under management (AUM) are 5% higher amid a higher gold price.

Global physically backed gold ETFs saw a small outflow of $920-million in November, considerably narrower than the previous month.

Holdings lowered to 3 236 t, a 9 t decline in November, while total AUM rose by 2% to $212-billion, supported by a meaningful 2% rise in the gold price, the WGC notes.

North American funds attracted net inflows of $659-million in November, putting a stop to the region’s five-month losing streak.

Europe, however, recorded outflows for the sixth consecutive month, shedding nearly $2-billion in November. Funds listed in Germany recorded the region’s largest outflows in the month.

Asian funds continued to cap inflows in November, albeit only mildly. Indian and Japanese inflows outweighed outflows from China.

The Other region saw subtle outflows, mostly from Australian and South African funds.

November pushed year-to-date outflows from global gold ETFs towards $14-billion, with European funds contributing the most. North America also saw heavy losses, while Asia remains the only region experiencing inflows.

Global gold market trading volumes averaged $174-billion daily, an increase of 3% month-on-month.

While trading activity of gold ETFs dropped significantly (-26%), the over-the-counter market was barely changed (0%) and volumes of other exchange-traded products rose by 10%.

Central banks’ gold buying slowed in October, but this did not alter the overall trend of robust buying that has captured the attention of gold investors, the WGC avers.

It indicates that reported global net purchases totalled 42 t during the month, 41% lower than September’s revised total of 72 t, but still 23% above the January to September monthly average of 34 t.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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