Gold Exchange Traded Funds (ETFs) in the month of August surged by 31.4 tonnes to 2,295 tonnes in global holding, World Gold Council data showed. 

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As per the data, North America led inflows in August, as investors added 27.8 tonnes (+$1.3bn, +2.6% AUM) of gold through funds listed in the region. 

Flows in Europe were mixed with a net increase of 6.4t (+$322mn, +0.78% AUM) over the month. 

Asia funds lost 2.4t (-$80mn, -3.0% AUM), with most of the gold-backed funds losing assets while derivatives demand increased through gold futures markets in the region.

The combined liquidity of gold ETFs rose month-over- month to $1.23bn/day, near its annual average of $1.22bn/day, the data found. 

Moreover, according to the data, Euopean gold ETFs accounted for 79% of the global growth in 2017. Global gold-backed ETFs collectively hold 2,295 tonnes. Gold-backed ETFs have added 143.5t, equivalent to $5.3 billion so far this year. This represents an increase of 5.5% of global asset under management. 

Despite recent resurgence in North American demand, European funds continue to lead inflows (+131t, +$4.8bn, +12% AUM) accounting for nearly 79% of all inflows worldwide on the year. 

North America inflows are +22t (+$860mn, +2% AUM) on the year, while Asia outflows are 10t ($426mn, -16% AUM) on the year. Inflows for ETFs listed in other regions are +1.1t (+$62.9mn) on the year. 

German-based ETFs Xetra-Gold and db Physical Euro Hedged ETC account for 73t or 56% of the gross global inflows. Xetra-Gold itself has grown 48%, accumulating 54t ($2.1bn), the data added.