As per the WGC data, gold-backed ETFs attracted $4.3 billion of inflows in October to lift collective holdings to 3,244 tonnes.
Representational Image (Photo: AFP)
The World Gold Council (WGC) on Friday said the 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.
As per the WGC data, gold-backed ETFs attracted $4.3 billion of inflows in October to lift collective holdings to 3,244 tonnes.
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It further added that the demand was supported by North American and Asian flows.
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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 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.
North American gold demand was boosted by uncertainty around the US presidential election.
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 US interest rate cuts and geopolitical tensions.
Continued inflows and the record-shattering gold price lifted global assets under management (AUM) a further 5% to another month-end record of US$286bn, WGC said.
Meanwhile, collective holdings rose 43t to 3,244t. North America once again led global inflows while Europe remained the only region with outflows.
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