Gold-Backed ETF Inflows Surged to Hit Highest Level in Almost 7 Years

SEATTLE (Scrap Monster): The inflows into gold-backed exchange traded funds (ETFs) topped 100 tons during the month of August this year. The inflows hit the highest level since September 2013.

According to data compiled by Bloomberg, holdings in gold EFTs surged higher by 101.9 tons in August ’19. This was the third straight month of increase in gold holdings. It must be noted that gold-backed ETFs had recorded addition of nearly 154 tons in June-July this year. As of Friday, the assets under gold-backed ETFs totalled 2,453.4 tons.

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The not so rosy equity markets, struggling real estate and negative yields on bonds have led to increased demand for gold and gold-based products. The ongoing positive trend in official gold purchases and continued demand for ETFs are likely to further boost gold prices.