WGC Posted Net Outflow from Gold-Backed ETFs in October

SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) indicates that global gold ETFs recorded sixth straight month of dip in holdings in the month of October this year. However, the outflows slowed during the month. The monthly outflow witnessed a decline from 95t in September to 59t in October.

The lesser outflow was mainly on account of comparatively flat gold prices during the month. Also, the ongoing strength in dollar and rising yields were partially offset by higher inflationary concerns, the report said.

The gold ETFs had recorded a strong start to 2022. However, the outflows during recent months have resulted in net outflows of 52t during the year-to-date period. The total asset under management stood at nearly 3,490t at the end of October this year.

All regions reported outflows in October. The funds in North America and Europe led the outflows, losing 40t and 14t respectively. The top U.S. funds witnessed largest reduction in holdings. The UK-listed funds and Germany funds saw outflows of 13t and 3t respectively. Chinese funds accounted for the Asian ETF outflows which totalled 6t in October. The funds in other regions posted nominal outflow of 0.02t, the WGC report said.

The outflows from iShares Gold Trust and SPDR Gold Trust in the US as well as Invesco Physical Gold ETC and iShares Physical Gold ETC in the UK were the highest.

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