WGC: Gold ETF Outflows Narrowed in November

SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) indicates that global gold exchange trade funds (ETF) outflows narrowed significantly in November this year, mainly due to net inflows into North American funds.

The global gold ETFs witnessed small outflow of $920 million during the month, down significantly when compared with the prior month. The net holdings in global gold-backed ETFs recorded decline by 9 tonnes to total 3,236 tonnes. However, the total assets under management (AUM) recorded 2% surge to $212 billion, driven by 2% jump in gold prices during the month.

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The North American funds reported net inflows of $659 million in November. The region put an end to net outflows during the prior five months. In contrast, Europe witnessed outflows for the sixth month in a row, losing nearly $2 billion in November 2023. The funds in the Asian region recorded inflows of $47 million, with inflows in India and Japan outweighing Chinese outflows. The Other region saw marginal outflows of $21 million, mainly on account of outflows from funds in Australia and South Africa.

The year-to-date data suggests that collective holdings of global gold ETFs recorded decline by 235 tonnes to 3,236 tonnes.