Gold ETFs bounce back

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Global gold exchange-traded funds (ETFs) witnessed an inflow of $3.4 billion after three months as gold prices went up by 7% in May, as per a report from the World Gold Council.

The global assets under management (AUM) of gold ETFs stand at 3,628 tonnes ($222 billion). The AUM is now only 9% shy of the August 2020 high of $240 billion and 7% shy of the October 2020 tonnage high of 3,908 tonnes, as per the report.

This is a result of strengthening of gold prices, which have remained subdued this year as the year-till-date return of the yellow metal is almost flat due to inflation concerns, weaker US dollar and low real yields.

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Larger funds in the US, UK and Germany were once again the primary driver of flows, flipping to net inflows. North American funds added 34.5 tonnes ($2.1 billion, 2% change), while European funds saw inflows of 31.2 tonnes ($1.6 billion, 1.9%). Funds in ‘Other’ regions lost 1.9% of assets (-1 tonne, $69 million). Asian-listed funds had outflows for a second straight month ($210 million, -2.7%).

As far as India is concerned, the consumption demand again saw a decline as the country was hit by the second wave of covid. Meanwhile, global central banks’ purchases of gold have again gone up.

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