To: bull_dozer who wrote (60772 ) 8/14/2024 9:16:27 PM From: bull_dozer 1 RecommendationRecommended By
Read Replies (1) | Respond to Gold ETF Flows: July 2024 Global physically-backed gold ETFs 1 have now seen inflows three months in a row, adding US$3.7bn in July.2 Notably, all regions reported positive flows this month with Western gold ETFs contributing the most. A combination of the July inflow and a 4% rise in the gold price pushed total global assets under management (AUM) 6% higher to US$246bn, a new month-end record.3 Collective holdings concluded July with a 48t increase, reaching 3,154t. North American funds saw inflows of US$2bn, more than reversing minor outflows from May and June. July was unprecedented in the political front with the assassination attempt on Trump followed by Biden stepping down from the presidential race.4 Gold ETF saw inflows around both dates, pointing to increased safe-haven demand. Meanwhile, falling inflation, the cooling labour market and the US Fed Chair Powell’s note that a cut in September is “on the table” during the recent meeting intensified investor expectation of easing soon.5 In turn, US Treasury yields fell and the dollar weakened, pushing the gold price to a record high during the month and spurring investor interest in gold ETFs. Furthermore, we believe equity market volatilities, especially during the second half of July, also supported gold ETF demand. gold.org
