WGC: Global Gold ETFs Saw Outflows in February

SEATTLE (Scrap Monster): The global gold-backed exchange traded funds (ETFs) continued to witness outflows in February 2023, amid weak prices, driven by stronger dollar and rising yields. The gold ETFs recorded outflow of 34 tonnes, valued at approximately $1.7 billion during the second month of the current year, said the latest report published by the World Gold Council (WGC).

The combined outflow during the initial two-month period of the year totalled 61 tonnes amounting to around $3.4 billion. The global gold ETF holdings declined for the tenth consecutive month, which itself is the largest losing streak since January 2014, WGC report said.

The European funds continued to be the main drivers behind the global outflow. The regional funds recorded an outflow of 25 tonnes ($1.2 billion) in February, comparatively lower from January outflows which had amounted to $2.1 billion. The UK funds, with an outflow of 13 tonnes, accounted for bulk of the region’s ETF outflow.

The North American funds lost 10 tonnes in February 2023, after two consecutive months of inflows. Meantime, the funds listed in Asia saw mild outflows of 0.1 tonnes, with Japanese inflows being outweighed by outflows from funds listed in China. The funds in Other region recorded marginal inflow of 1 tonne during the month.

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