Gold ETFs Posted Inflows in November: World Gold Council

SEATTLE (Scrap Monster): The gold-backed exchange traded funds (ETFs) recorded inflows during the month of November this year, mainly led by North American funds. This is the first month of positive flows since July this year, said the World Gold Council (WGC) in its latest report.

The net inflows into gold ETFs totalled 13.6 tonnes valued at $838 million in November. The inflows into North American and European funds outclassed outflows from Asian funds. Meantime, Asia witnessed outflows from gold ETFs for the first time since May this year. The global gold ETF holdings stood at 3,578 tonnes.

The North American ETFs recorded inflows of 12.1 tonnes, mainly driven by gains from major US funds. Also, the inflows within Europe were led by larger funds in the UK and France. The holdings in European funds had inflows of 5.6 tonnes during the month of November this year. The flows into low-cost ETFs went back to positive, adding $8 million globally.

The Asian ETFs posted outflows of 5 tonnes, triggered by tactical selling in China at higher gold prices. This was partially offset by inflows in India, driven by seasonal demand surrounding the festive season. The Other regions recorded inflows of around 1 tonne.