Gold ETFs register first outflow in seven months, says WGC
me-metals: Chile Global physically backed gold exchange-traded funds (ETFs) registered outflows in November after six consecutive months of inflows as Europe-listed funds reduced their holdings, the World Gold Council (WGC) said on Thursday.
According to me-metals cited from mining.com, Gold ETFs store bullion for investors and account for a significant amount of investment demand for the precious metal, which is down 5% since hitting a record high of $2,790.15 an ounce on Oct. 31.
Gold ETFs registered outflows of 28.6 metric tons, or $2.1 billion, in November to reduce collective holdings to 3,215 tons, the WGC, industry body grouping global gold miners, said in a research note.
These outflows turned the year-to-date’s demand for the ETFs to negative, and set them back on track for the fourth consecutive year of outflows, according to the data.
November was gold’s first monthly price drop since June due to a post-US election sell-off driven by Donald Trump’s win.
source: mining.com
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