Gold traded funds globally suffer $930 mln outflows in November: WGC

Ahram Online , Wednesday 6 Dec 2023

Global physically backed gold exchange-traded funds (ETFs) declined by $920 million, or nine tons, month-on-month, in November, to 3,236 tons, despite the latest gains in gold prices, according to a report by the World Gold Council, (WGC).

Illustrative image of gold exchange traded funds (ETFs).
Illustrative image of gold exchange traded funds (ETFs).


The decline in November pushed the year-to-date value in outflows from global gold ETFs to $14 billion, the report showed.

A big portion of the drop in outflows can be ascribed to Europe and North America regions. In North America, the surge in treasury yields drew the carpet from under the gold ETFs which lost $9 billion in outflows between June and October.

Europe’s outflows amounted to $9 billion in the last 11 months.

“Asia remains the only region experiencing YTD inflows ($1 billion), thanks to China, Japan, and India. Accumulated outflows from the other region reached $103 million YDT: inflows into Turkey were outweighed by outflows elsewhere,” WGC said in its November report.

Gold prices inched up 0.5 percent to $2,029.45 per ounce on Wednesday.

Since the eruption of the Israeli war on Gaza in early October, gold prices have steadily increased from approximately $1,900 per ounce to $2,069.01 on Monday.

According to a report by Dahab Masr, the precious metal is expected to surpass $2,200 before the end of the second quarter of 2024.

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