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Gold ETFs signed up 5th month of inflows in September, says WGC

Global physically backed gold exchangetraded funds (ETFs) registered a 5th successive month of inflows in September as North Americalisted funds added to their holdings, the World Gold Council (WGC) stated on Tuesday.

Gold ETFs keep bullion for financiers and represent a. considerable quantity of investment demand for the rare-earth element. that touched a record high of $2,685.42 an ounce on Sept. 26, buoyed by the start of U.S. interest rate cuts.

After 3 successive years of outflows versus a background. of high interest rates, the past five months have turned. year-to-date net circulations in dollar terms to a positive $389. million.

Gold ETFs registered inflows of 18.4 metric tons, or $1.4. billion, in September to raise cumulative holdings to 3,200 lots,. the WGC said in a research study note.

A stronger gold rate and recent inflows pushed total possessions. under management to a month-end peak of $270.9 billion in. September.

The WGC, and industry body organizing worldwide gold miners,. price quotes that worldwide gold trading volumes rose in September. by 7% month on month to $259 billion a day while typical trading. volumes in the over the counter (OTC) market added 10% to $176. billion.

With the gold rate up 28% this year and the prospect of. future U.S. rate cuts, speculators increased their overall net. long position on COMEX by 6% from August to 976 lots by the end. of September, the greatest level because February 2020.

(source: Reuters)