WGC: Global Gold ETFs Kicked Off 2024 with Outflows

SEATTLE (Scrap Monster): The global gold exchange-traded funds (ETFs) started 2024 with outflows, mainly driven by North American funds. The dip in gold prices led to reduced investor interest in gold ETFs. This is the eighth consecutive month of outflows, said the latest report published by the World Gold Council (WGC).

The outflows from global physically-backed gold ETFs were valued at $2.8 billion in January 2024. The global holdings witnessed a cut by 51 tonnes to total 3,175 tonnes by the end of the month. The total assets under management (AUM) registered a decline by 2% during the month to total $210 billion.

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The global outflows were led by North America. The funds in the region recorded losses of $2.3 billion in January, reversing the trend of inflows witnessed during the prior two months. The fund outflows were driven by the largest funds, including SPDR Gold Shares and iShares Gold Trust.

The outflows from Europe totalled $730 million during the initial month of the year. The outflows significantly narrowed when matched with the month before.

The funds in Asian region reported eleventh straight month of inflows. The funds in the region added $215 million in January. China continued to dominate the inflows.

The Other Region added $8 million during the month, mainly contributed by South Africa, said the WGC report.