Global gold ETFs attract $2.1b in August ’24 – WGC

Global physically-backed gold ETFs received $2.1 billion in August, marking the fourth straight month of positive inflows, with Western funds contributing the majority, the World Gold Council (WGC) reported on Thursday.

The combination of the 3.6 per cent rise in gold prices and further inflows led to a 4.5 per cent increase in global assets under management (AUM), reaching a new month-end peak of $257 billion. Collective holdings rebounded by 29 tonnes to 3,182 tonnes by the end of August.

Thanks to consistent inflows from May to August, global gold ETFs’ year-to-date losses have narrowed to $1 billion. The decline in holdings for 2024 has also been reduced to 44 tonnes.

Moreover, the total AUM has surged by 20 per cent during the first eight months of the year, according to the report.

While Asia has attracted the largest inflows of $3.5 billion year-to-date, Europe and North America have experienced outflows of $3.4 billion and $1.5 billion, respectively.

Attribution: World Gold Council report

Subediting: M. S. Salama