Poor market pushed gold by 4.2% in June
According to the World Gold Council, Holdings in global gold-backed ETFs and similar products fell by 49.3t to 2,434t in June, pushing assets under management (AUM) in US dollars down by 2.1% relative to May. Investors seemed to shrug off poor equity market performance and escalating global trade tensions, pushing the gold price down by 4.2% in June.
ETF outflows were dominated by North American funds, losing US$1.9bn in the face of US dollar strength and a declining gold price, while funds listed in Asia and other regions lost US$149mn and US$89mn respectively. Europe saw marginal inflows during the month, with gold holdings increasing fractionally by US$52mn.
As of 30 June 2018 YTD, ‘Global Inflows’ refers to the sum of changes of all funds that saw a net increase in ounces held over a given period (e.g. month, quarter, etc.). Conversely, ‘global outflows’ aggregates changes from funds that saw ounces decline over the same period. See further notes and definitions at the bottom of this page.
According to the Regional flows, Europe had marginal inflows; all other regions lost assets, North American funds saw outflows of 44.4t (US$1.9bn, 3.7% AUM), Funds listed in Asia decreased by 3.5t (US$149mn, 3.8%), while other regions also saw a reduction in holdings of 2.0t (US$89mn, 6.2%) & Holdings in European funds marginally increased by 0.5t (US$52mn, 0.1%).
