WGC: Gold ETF Outflows Slowed Down in July

SEATTLE (Scrap Monster): The World Gold Council (WGC) reported that outflows from global gold exchange-traded funds (ETFs) decelerated during the month of July this year. The outflows continued in July. The total gold ETF holdings in July dropped to the lowest since April 2020.

The physically-backed gold ETFs recorded net outflows of 34 tonnes in July, valued at $2.3 billion. However, the total assets under management (AUM) increased marginally by 2% over the previous month to $215 million, due to strong gold prices. The cumulative global gold flows were valued at $4.9 billion until July this year. The year-to-date outflows from global gold ETFs stood at 84 tonnes.

All regions except Asia witnessed outflows. The North American funds posted second straight month of outflows in July, but the flows decelerated upon comparison with June. The European funds witnessed outflows of 18 tonnes, mainly from UK funds. The Other region too saw negative demand, with outflows of 2 tonnes, primarily contributed by South African funds.

The Asian region ETFs registered marginal inflows of 2 tonnes. The outflows from Chinese funds were outweighed by inflows into Japanese funds.