Nevertheless, gold ETFs had three consecutive years of outflows amid excessive international rates of interest, and the newest 4 months of inflows solely managed to trim the year-to-date losses to a internet outflow of 44 metric tons.
Gold ETFs noticed the influx of 28.5 tons, or $2.1 billion, in August, bringing their collective holdings to three,182 tons, the WGC, an business physique grouping international gold miners, mentioned in a analysis notice.
A stronger gold worth and up to date inflows pushed the entire belongings underneath administration to a month-end peak of $257.3 billion in August.
The WGC estimates that international gold buying and selling volumes fell in August by 3.2% month-on-month to $241 billion a day resulting from decrease exchange-traded exercise on COMEX, nonetheless common buying and selling volumes within the opaque over-the-counter (OTC) market rose by 5.9% to $158 billion.
With the gold worth up 21% up to now this 12 months and rising expectations of the US charge cuts, speculators elevated their whole internet lengthy place on COMEX by 17% from July to 917 tons by the top of August, the best stage since February 2020.
(By Polina Devitt; Modifying by Tomasz Janowski)