Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Investing

Gold ETF demand turns positive for year-to-date, says WGC

(Reuters) – Global physically-backed gold exchange-traded funds (ETFs) saw inflows for the sixth straight month in October, with year-to-date flows turning positive for the first time this year, the World Gold Council (WGC) said on Thursday.

Demand was supported by North American and Asian flows, the WGC added.

As geopolitical tensions rise and market uncertainties persist, investors have flocked to gold ETFs, which act as vaults of wealth, holding gold on behalf of investors and driving substantial demand for the precious metal.

Gold-backed ETFs attracted $4.3 billion of inflows in October to lift collective holdings to 3,244 tons, the WGC said.

After three years of outflows, driven by high interest rates, the past six months have seen a marked reversal.

Continued inflows and record gold prices lifted global assets under management to a month-end record of $286 billion in October, the WGC said in a note.

The WGC, an industry body grouping global gold miners, said North American gold demand was boosted by uncertainty around the U.S. presidential election.

The military escalation in the Middle East, along with reports of North Korean soldiers joining Russia in the Ukraine conflict, may also have driven increased demand for gold ETFs.

The WGC added that worldwide gold trading volumes edged higher, supported by over-the-counter (OTC) and ETF activities.

Bullion is poised to be one of 2024’s top-performing assets, with prices up 33% so far this year. The metal hit a record high of $2,790.15 per ounce on Oct. 31, fueled by the start of U.S. interest rate cuts and geopolitical tensions. [GOL/]

This post appeared first on investing.com
Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    The Gateway Pundit, a far-right website, published a note from its editor on Saturday acknowledging that two election workers in Georgia did not engage...

    Latest News

    New majorities in Congress, particularly when the incoming party has a new leader, offer the rare chance for the institution to take a breath...

    Investing

    JAKARTA (Reuters) -Indonesia has asked Alphabet (NASDAQ:GOOGL)’s Google and Apple (NASDAQ:AAPL) to block Chinese fast fashion e-commerce firm Temu in their application stores in...

    Latest News

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...



    Disclaimer: alivebusinessplan.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 alivebusinessplan.com