In contrast, Gold ETFs recorded internet inflows for the sixth consecutive month in October, Commerzbank’s commodity analyst Carsten Fritsch notes.
Gold ETFs see internet inflows for the sixth consecutive month
“In keeping with the World Gold Council, these amounted to 43 tons. Which means virtually 164 tons of Gold have flowed into ETFs since Could. For the primary time this 12 months, Gold ETF holdings had been additionally greater than on the finish of 2023, that means that the online outflows within the first 4 months of the 12 months had been greater than reversed.”
“In October, there have been internet inflows in North America (30 tons) and Asia (23 tons), however internet outflows in Europe (11 tons). In keeping with the WGC, the inflows in North America had been notably because of the uncertainty within the run-up to the US elections. The inflows in Asia largely occurred in China, the place the WGC reported a file influx for a month.”
“That is additionally noteworthy as a result of conventional Gold demand for jewelry, bars and cash in China has just lately been weak. Nonetheless, it stays to be seen whether or not the shift in Gold demand in direction of ETFs is right here to remain. ETF outflows in Europe had been widespread throughout all main markets. The WGC attributes this to rising yields and the weak point of native currencies.”
