{"id":57583,"date":"2023-09-06T10:49:07","date_gmt":"2023-09-06T14:49:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-etf-outflows-accelerated-in-august\/"},"modified":"2023-09-06T10:49:10","modified_gmt":"2023-09-06T14:49:10","slug":"gold-etf-outflows-accelerated-in-august","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=57583","title":{"rendered":"Gold ETF Outflows Accelerated In August"},"content":{"rendered":"<div>\n<p>Net outflows from gold-backed exchange-traded funds (ETFs) sped up again in August following a cooldown the previous month, latest data from the World Gold Council (WGC) has shown.<\/p>\n<p>Global ETFs backed by physical metal experienced outflows 46 tonnes last month, equivalent to some $2.5 billion. This was the third month on the spin that net outflows have been recorded, and up from the 34-tonne outflow reported in July.<\/p>\n<p>Total holdings across these funds finished the month at 3,341 tonnes, while assets under management (AUMs) dropped to $209 billion.<\/p>\n<p>The WGC said that &#8220;[gold price] weakness, especially during the first three weeks, was likely the main driver of the outflows in August.&#8221; Bullion values slipped 1% during the course of the month, to below $1,950 per ounce, as yields on US Treasuries increased.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Europe and North America Decline Again<\/h2>\n<p>In the first eight months of 2023, gold ETFs recorded net outflows of $7.5 billion, the WGC said. Total holdings fell by 130 tonnes over the period.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>European ETFs have contributed the most to year to date outflows, the body noted. Liquidations in the UK and Germany meant that these funds\u2019 outflows amounted to $5.8 billion or 96 tonnes.<\/p>\n<p>And the region \u2014 along with North America \u2014 led outflows again in August.<\/p>\n<p>Funds in Europe witnessed net monthly outflows of $315 million, or eight tonnes, last month. This took AUMs and total holdings to $92 billion and 1,471 tonnes respectively.<\/p>\n<p>The body said that 35% of the reversal &#8220;came from FX-hedged products as the local currency fluctuated.&#8221; It added that &#8220;the rest can be largely attributed to rising interest rate expectations as the region\u2019s inflation remained stubbornly high.&#8221;<\/p>\n<p>In North America, net monthly outflows hit 44 tonnes or $2.7 billion in August. This was the largest decline since for 11 months as yields on government bonds headed northwards.<\/p>\n<p>The WGC said that &#8220;as the US economy continues to defy recession expectations, with resilience in household consumption, the 10-year Treasury yield rose further.&#8221;<\/p>\n<p>It added that &#8220;Fed Chair [Jerome] Powell\u2019s remarks at Jackson Hole further firmed investors\u2019 belief that rates are going to stay higher for longer, reducing gold\u2019s allure as the opportunity cost climbs.&#8221;<\/p>\n<p>August\u2019s reversal meant that demand for North American funds turned negative for the year to date. Holdings dropped 41 tonnes to 1,684 tonnes, while AUMs dropped by $2.1 billion to $105 billion.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Asian Buying Bucks The Trend<\/h2>\n<p>Elsewhere, buying across Asian funds remained lively and net holdings rose for their sixth successive month in August.<\/p>\n<p>ETFs in the region attracted 7 more tonnes, taking total holdings to 128 tonnes. AUMs meanwhile increased to $8 billion, up $430 million month on month.<\/p>\n<p>This means that Asia is the only region which attracted positive inflows between January and August. AUMs rose by $608 million, while holdings increased by nine tonnes, driven by strong buying in China and Japan.<\/p>\n<p>The WGC said that &#8220;poor local equity market performance and the depreciating renminbi drove [Chinese] investors to safer assets such as gold&#8221; last month. Fund AUMs there rose by $293 million while holdings nudged five tonnes higher.<\/p>\n<p>On Tuesday, the WGC said that central banks added 55 tonnes of the precious metal to their holdings in July.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/roystonwild\/2023\/09\/06\/gold-etf-outflows-accelerated-in-augustworld-gold-council\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Net outflows from gold-backed exchange-traded funds (ETFs) sped up again in August following a cooldown the previous month, latest data from the World Gold Council (WGC) has shown. Global ETFs backed by physical metal experienced outflows 46 tonnes last month, equivalent to some $2.5 billion. This was the third month on the spin that net [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":57584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-57583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold ETF Outflows Accelerated In August | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Net outflows from gold-backed exchange-traded funds (ETFs) sped up again in August following a cooldown the previous month, latest data from the World\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=57583\" 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