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Global gold-backed ETF holdings grew 15% in June

10 july 2019

world_gold_council_logo.pngHoldings in global gold-backed ETFs and similar products rose in June by 127 tonnes to 2,548t, which is equivalent to US$ 5.5bn in inflows, according to a press release from the World Gold Council. 
The rise is attributed to the geopolitical uncertainty that increased with the central banks signaling a shift to a more accommodative policy over the coming months. With the US dollar dipping lower, the momentum in gold price moved to a six-year high. 
As per the WGC’s statement regional fund flows, North American European Asia and even other regions increased considerably. Individual fund flows, in North America, SPDR® Gold Shares, iShares Gold Trust, low-cost gold-backed ETFs experienced largest one-day inflows, while in the UK, ETFS Physical Swiss Gold, iShares Physical Gold ETC and Invesco Physical Gold recorded high inflows as well.  In China, Bosera’s listed fund, and Huaan Yifu added good amount.
As per the WGC’s Long term trends, European gold-backed ETF holdings represent its largest percentage of total global assets in history at 47% of total assets, North American funds have been momentum driven with the recent price increase pushing y-t-d flows into positive territory.
According to the WGC, long-term strategic holders continue to add to low-cost gold-backed ETFs on a consistent basis, with inflows during 12 of the past 13 months, growing 84% percent over that period. Outflows of more than 11% in Chinese funds have been a function of profit taking and a shift to riskier assets in the region. WGC’s views are that political uncertainty and a weaker pound sterling have supported inflows to UK-based gold-backed ETFs, which remain at all-time highs. UK-based holdings have grown to 554t or 22% of global gold-backed ETF assets. 

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished