Gold ETF Holdings Posted Net Outflow of 84.7 Tonnes
Meantime, the funds in other regions reported minor outflows of 0.3 tonnes during the month.
SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) indicates that global gold ETF holdings recorded a decline by 2% during the month of February this year. The global holdings recorded outflow of 84.7 tonnes, thus making the global gold assets under management (AUM) drop to 3,681 tonnes. The ETFs recorded outflows for the third time in four months, said WGC report.
The outflows were mostly driven by North American funds, which saw a reduction by 71.2 tonnes. The largest funds reported outflows, contrary to low-cost gold ETFs which experienced net inflows. The outflows from the UK resulted in 23.8 tonnes of gold outflows from the European funds. Meantime, the funds in other regions reported minor outflows of 0.3 tonnes during the month.
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The funds listed in India and China reported robust inflows, thus resulting in net inflows of 10.6 tonnes to Asian region funds.
The WGC report noted that gold in US dollar terms recorded its largest monthly decline in four years, falling by 6.5%. Also, trading volumes for gold dropped significantly by 12% in the previous month to US$166bn per day, mainly driven by a 30% decrease in COMEX futures trading.
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