Latest News

Gold ETF demand turns favorable for year-to-date, states WGC

International physicallybacked gold exchangetraded funds (ETFs) saw inflows for the sixth straight month in October, with yeartodate streams turning favorable for the very first time this year, the World Gold Council (WGC) stated on Thursday.

Demand was supported by North American and Asian circulations, the WGC included.

As geopolitical tensions rise and market uncertainties continue, investors have actually gathered to gold ETFs, which function as vaults of wealth, holding gold on behalf of investors and driving substantial need for the rare-earth element.

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

After three years of outflows, driven by high interest rates, the past 6 months have seen a marked reversal.

Continued inflows and record gold costs raised international properties under management to a month-end record of $286 billion in October, the WGC said in a note.

The WGC, an industry body grouping worldwide gold miners, said North American gold demand was boosted by unpredictability around the U.S. governmental election.

The military escalation in the Middle East, together with reports of North Korean soldiers signing up with Russia in the Ukraine dispute, might also have driven increased demand for gold ETFs.

The WGC included that around the world 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 properties, with prices up 33% so far this year. The metal struck a. record high of $2,790.15 per ounce on Oct. 31, fueled by the. start of U.S. rate of interest cuts and geopolitical tensions.

(source: Reuters)