Global physically-backed gold exchange-traded funds (ETFs) lost $6.7 billion in the first half of calendar year 2024 (H1CY24), their worst performance since 2013, according to a recent note by the World Gold Council (WGC).
Total holdings dropped by 120 tonnes, or 3.9 per cent, to 3,105 tonnes in this period. "While Asian funds attracted a record $3 billion during the first half of 2024, they were significantly outpaced by collective outflows in North America and Europe to the tune of $9.8 billion," said WGC. Western gold ETF investors did not react as anticipated to a rise in gold price - it usually drives up investment flows - amidst a high level of interest rates and a "more risk-on sentiment” generated by the artificial intelligence boom, said the report.
This story is from the July 11, 2024 edition of Business Standard.
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This story is from the July 11, 2024 edition of Business Standard.
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