{"id":45991,"date":"2023-08-08T14:36:54","date_gmt":"2023-08-08T18:36:54","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-etf-outflows-cooled-during-july\/"},"modified":"2023-08-08T14:36:56","modified_gmt":"2023-08-08T18:36:56","slug":"gold-etf-outflows-cooled-during-july","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45991","title":{"rendered":"Gold ETF Outflows Cooled During July"},"content":{"rendered":"
\n

The pace of outflows from global gold-backed exchange-traded funds (ETFs) slowed in July, data from the World Gold Council (WGC) shows.<\/p>\n

Funds backed by physical gold experienced outflows of $2.3 billion last month. This was equivalent to some 34 tonnes, and pushed total holdings down to 3,387 tonnes.<\/p>\n

However, this was down from the 56-tonne outflow recorded in June.<\/p>\n

Meanwhile, total assets under management (AUMs) rose 2% to $215 billion in July “as a rebound in gold price more than offset negative flows,” the WGC said.<\/p>\n

The council noted that the improved bullion price also helped moderate outflows from gold ETFs. Gold values rose more by than $40 per ounce in July to end the month around the $1,970 marker.<\/p>\n

During the first seven months of 2023, gold ETFs experienced outflows of $4.9 billion. There was a cumulative reduction in holdings of 84 tonnes.<\/p>\n

North American Holdings Drop Again<\/h2>\n

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The WGC said that all regions except for Asia experienced fund outflows in July, with ETFs in North America reporting their second consecutive monthly outflow.<\/p>\n

Funds in the region endured a $986 million outflow last month, equivalent to 16 tonnes.<\/p>\n

This took total AUMs and holdings to $110 billion and 1,728 tonnes respectively.<\/p>\n

The WGC noted that last month\u2019s outflow was less than half the $2 billion recorded in June, and commented that changing forecasts for interest rates have boosted sentiment towards the yellow metal last month.<\/p>\n

The body said that “the US Fed increased rates by 25 [basis points] in July, but with recent inflation data softening, investors expect the Fed\u2019s current tightening cycle to end soon.”<\/p>\n

However, it added that “while such expectations supported the gold price, they also led to investor risk-on sentiment and a rally in equities, which may have diverted investment away from gold.”<\/p>\n

Europe Falls, Asia Bucks The Trend<\/h2>\n

Meanwhile, outflows in European ETFs totalled $1.3 billion or 19 tonnes in July. Total holdings consequently dropped to 1,480 tonnes, while AUMs sank to $94 billion.<\/p>\n

The WGC noted that “the European Central Bank and the Bank of England lifted their policy rates to multi-decade highs” last month in response to high inflation.<\/p>\n

It added that “combined with investor expectations of further rate hikes ahead, interest in gold ETFs remained tepid in the region.”<\/p>\n

But funds in Asia enjoyed inflows during July thanks to strong interest from Japanese investors.<\/p>\n

Funds added $132 million worth of metal, equivalent to 2 tonnes. This meant that aggregate holdings rose to 121 tonnes, while AUMs increased to $8 billion.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The pace of outflows from global gold-backed exchange-traded funds (ETFs) slowed in July, data from the World Gold Council (WGC) shows. Funds backed by physical gold experienced outflows of $2.3 billion last month. This was equivalent to some 34 tonnes, and pushed total holdings down to 3,387 tonnes. However, this was down from the 56-tonne […]<\/p>\n","protected":false},"author":1,"featured_media":45992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-45991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nGold ETF Outflows Cooled During July | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The pace of outflows from global gold-backed exchange-traded funds (ETFs) slowed in July, data from the World Gold Council (WGC) shows. 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