WGC: Global Gold ETF Outflows Accelerated in September

SEATTLE (Scrap Monster): The outflows from global gold exchange traded funds (ETFs) accelerated during the month of September this year, said the latest report published by the World Gold Council (WGC).

The physically backed gold ETFs lost $3 billion, equivalent to a reduction in holdings by 59 tonnes during the month. The total assets under management (AUM) declined to $198 billion, which was also impacted by a further 4% dip in gold prices. The collective holdings totalled 3,282 tonnes, registering a decline by 2% during September 2023.

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The year-to-date global outflows totalled $11 billion. The total holdings recorded decline by 189 tonnes so far this year. The global outflows were led by European funds, followed by funds in North America.

The North American funds registered fourth consecutive month of outflows, losing 35 tonnes in September. Europe too witnessed fourth consecutive monthly outflow. The funds in the region suffered a loss of over 28 tonnes during the month.

On the other hand, Asian funds saw inflows for the seventh successive month, adding 5 tonnes during the month. China continued to drive inflows in the region. The activity in Other regions remained more or less muted, with total quarterly losses at around 2 tonnes. The Other region recorded outflows of 3 tonnes during the initial nine-month period in 2023, driven by Australia and South Africa.