Gold-Backed ETFs Posted Outflows in April, Says World Gold Council
Thu May 09 2024
The recent report published by the World Gold Council (WGC) indicates that global gold-backed exchange traded funds (ETFs) recorded outflows during the month of April this year. The outflows were despite the inflows recorded during the start of the month, triggered by strong gold prices.
According to the report, the gold ETFs witnessed outflows of $2 billion during the month, continuing the trend of monthly outflows. The collective holdings declined by 33 tonnes during the month to total 3,079 tonnes. On the other hand, the robust gold prices lifted the value of assets under management (AUM) by nearly 3% to $229 million.
The North American and Asian region reported inflows during the month. The funds in North America added $124 million to its holding in April 2024, registering the second straight month of inflows. Meantime, Asia reported fourteenth straight month of inflows, led by China, which recorded inflows of around $1 billion.
Europe led the global outflow, recording eleventh consecutive month of fund outflows during the month. The regional ETFs lost $4 billion, led by funds listed in the UK, France and Germany.
The funds in Other Region witnessed marginal outflows during the month, amounting to $65 million, mainly driven by Australia and South Africa.
Source: https://www.scrapmonster.com