Gold ETFs see highest outflows in over a year

Global gold exchange-traded funds (ETFs) registered web outflows of $4.5 billion in July. This was the third consecutive month of outflows and the worst since March 2021, based on a World Gold Council report.

Such funds had logged $1.7 billion in outflows in June and $3.1 billion outflows in May.

Indian gold ETFs noticed slight outflows as traders booked income amid a sharp correction in home gold costs and the expectation of a additional weak point. Despite web outflows through the month, India has managed to squeak out year-to-date inflows of just about one tonne.

According to the report, a robust greenback and COMEX web lengthy positioning, the bottom since April 2019, helped push gold costs down by the $1,800 per ounce assist degree. Gold was at $1,753 in July, down 2.8% from the year in the past. Overall, year-to-date international influx was round 153 tonnes or $10.3 billion. “Despite the outflows in current months, 2022 inflows practically offset 2021 outflows, highlighting continued strategic demand for gold. Holdings on the finish of July stood at 3,708 tonnes or $209 billion, up 5% on the year,“ WGC mentioned.

All areas barring Asia noticed outflows in July. North America led the outflows.

Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.


Subscribe to Mint Newsletters

* Enter a legitimate e mail

* Thank you for subscribing to our e-newsletter.

Be the first to comment

Leave a Reply

Your email address will not be published.