Gold ETF Fund Posted Record Net Inflows in November
The exchange-traded fund posted net inflows of over $1 billion during the month of November this year.
SEATTLE (Scrap Monster): The SPDR Gold Shares ETF witnessed increased investor interest, as prices of gold touched new peak, triggered by hopes that the Federal Reserve is likely to ease its monetary policy next year. As per industry analysts, the U.S. Fed Reserve may commence interest rate cuts as early as March 2024.
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The exchange-traded fund posted net inflows of over $1 billion during the month of November this year. The fund recorded inflows in Nov ’12 following five consecutive months of outflows prior to it. Also, the inflows recorded during the month were the strongest since March last year.
The SPDR Gold Shares ETF fund surged higher by 2.5% as at the end of the month. It must be noted that the fund is up nearly 11% since the beginning of the current year. However, the funds recorded weaker growth in comparison with the S&P 500 Index, which has registered nearly 20% gains so far this year.
SPDR Gold Trust ETF tracks the price of gold bullion measured in U.S. dollars and kept in London under the custody of HSBC Bank USA.
Meantime, the iShares Gold Trust ETF Fund witnessed net outflows of $388.5 million in November. On the other hand, the SPDR Gold MiniShares Trust fund reported monthly inflows of $23.6 million.
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