SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) indicates that global gold outflows surged during the month of September this year. The outflows totalled 95 tonnes during the month, registering the biggest monthly outflow since March last year. Also, this is the fifth straight month that the global gold ETFs witnessed net outflows.
According to WGC, Asian gold ETF holdings remained virtually unchanged over the previous month. The outflows of 0.3 tonnes in Chinese listed funds were more than offset by inflows of 0.4 tonnes to Indian funds. The majority of the global gold ETF outflows were from North American and European funds, which recorded outflows of 59 tonnes and 36 tonnes respectively. Meantime, the ETF funds in other regions recorded marginal outflow of nearly 1 tonne.
The world gold trade body noted that gold remained under pressure during September this year, driven by challenges posed by strong U.S. dollar and higher yields.
The global gold holdings stood at 3,548 tonnes as at the end of September 2022. This is marginally lower by 1% when matched with the previous year. The holdings had recorded healthy growth in the initial four months of the year, but started falling sharply afterwards.
YOU MAY ALSO BE INTERESTED IN: