Gold ETF Outflows Accelerated in October: WGC

The investor appetite for ETFs diminished on account of price declines during August and September, WGC report noted.

SEATTLE (Scrap Monster): The World Gold Council (WGC) said that gold-backed exchange traded funds (ETFs) witnessed strong outflows during the month of October this year.

The net outflows totalled 25.5 tonnes during the month. The outflows from Europe and North America were marginally offset by inflows into Asian-listed funds. The global gold ETF holdings dropped to 3,567 tonnes, hitting the lowest levels of the year so far. The investor appetite for ETFs diminished on account of price declines during August and September, WGC report noted.

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The North American funds witnessed outflows of 14.7 tonnes, with large U.S. funds accounting for the majority of flows. The holdings in European gold ETF funds recorded outflows of 12.3 tonnes, triggered by heightened expectations of interest rate hikes before the end of next year.

On the contrary, Asian-listed funds added 1.3 tonnes to its holdings, mainly led by China, where holdings touched a record high. Meantime, flows in India were flat to slightly negative, mainly due to shift in investor focus from gold ETFs to physical bars and coins. Other regions too reported marginal inflows of 0.2 tonnes.

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