Gold-backed ETFs record eleventh month of consecutive inflows
Gold-backed exchange-traded funds (ETFs) and similar products (gold ETFs) recorded their eleventh consecutive month of net inflows in October, matching the record number of positive monthly flows set in April 2006, reports the World Gold Council (WGC).
Gold ETF holdings increased by 20.3 t, $1.4-billion or 0.6% of assets under management (AUM) during the month as the gold price moved mostly sideways, finishing slightly below $1 900/oz.
The WGC points out that 20.2 t of inflows came from European funds, with North American funds having added 1.8 t and Asian funds 1.1 t.
Funds listed in other regions experienced significant outflows relative to their size of 2.8 t, it adds.
Net inflows of 1 022 t ($57.1-billion) this year, so far, have driven global gold ETF holdings to a new all-time high of 3 899 t (or $235-billion in AUM).
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