WGC: Global Gold ETF Outflows Slowed Down in March 2024

SEATTLE (Scrap Monster): The global gold-backed ETFs recorded tenth straight month of outflows in March this year. However, the outflows were at a much slower pace when compared with the prior months, said the latest report published by the World Gold Council (WGC).

The global gold ETFs recorded an outflow of $823 million in March 2024, significantly lower when compared with the outflows of $2.9 billion in the prior month and the average outflow of $2.4 billion during the past nine-month period.

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The collective ETF holdings recorded a decline by 14 tonnes to total 3,112 tonnes. However, the total assets under management (AUM) rose by 8% during the month to $222 billion, which is the highest value in nearly 21 months. The rise in AUM was driven by notable increase in gold prices in March this year.

According to WGC report, all regions except Europe witnessed ETF inflows during the month. The North American funds added $360 million, flipping back to positive flows for the first time in 2024. The Asian region funds registered inflows for the 13^th consecutive month, adding $217 million in March, mainly led by China and Japan. The Other region too reported minor gains by $23 million.

On the other hand, European funds reported monthly outflow of $1.4 billion in March, marking the tenth consecutive month of outflow.