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.

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