ETF Gold Holdings Rise In Oct. For First Time In Four Months
(Kitco News) -Gold holdings in globalexchange-traded funds and similar products rose in October by 16.5 tonnes forthe first monthly inflow in four months, the World Gold Council reportedTuesday.
Holdings now stand at 2,345.6tonnes. Still, they are down 25.8 tonnes for the year to date.
“Global stock markets experiencedtheir worst October since the 2008 financial crisis, with the MSCI All-WorldIndex down more than 7.4% on the month,” the WGC said. “As a result, goldbenefited from flight-to-safety investment flows. Further, U.S. dollar-hedgedgold benefited in the stronger dollar risk-off environment, rallying 4.3% onthe month.”
Flows into North America-basedETFs grew by 12.4 tonnes during the month, the WGC said. Holdings in EuropeanETFs climbed by 10.5 tonnes, while those in Asia decreased by 6.5 tonnes. Therewas a 0.2-tonne increase for “other regions.”
SPDR Gold Shares led globalinflows, gaining 11.8 tonnes during the month, while iShares Gold Trust added 5tonnes.
By Allen SykoraFor Kitco News
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