Global gold-backed ETF holdings register net outflows in year to date
Holdings in global gold-backed exchange-traded funds (ETFs) and similar products fell across all regions by 57 t to 2 424 t, equivalent to $2.2-billion in outflows, in April, the World Gold Council (WGC) said in a statement on Tuesday.
Global assets under management in dollars fell by 3% to $100-billion, as the price of gold fell 1% during the month.
Global gold-backed ETFs have now lost assets worth $377-million, reversing January’s strong start.
In terms of regional fund flows, North American funds saw outflows of 46 t; European funds 8 t; Asian funds 2.5 t; and other regions 0.4 t.
The WGC further reported that global gold-backed ETF flows for the year-to-date were negative year-on-year as the price of gold was now effectively flat in dollar terms.
Total holdings have been heavily gold- and dollar-price driven as of late, but long-term strategic holders continue to add to low-cost gold-backed ETFs, it added.
Holdings in Chinese funds have put a damper on total Asian holdings, with assets in the region down 10% year-on-year.
Despite outflows in April, holdings in UK-based gold-backed ETFs remained near all-time highs, likely owing to Brexit uncertainty driving heavy inflows over the past few quarters.
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