Gold Breaks Above $1900 Mark, Fund Buying Stays Elevated
Published on Oct 09, 2020 12:09
COMEX Gold futures moved up from a one and half week low amid good fund buying. The metal broke above $1900 per ounce and currently trades at $1912 per ounce, up 0.88% on the day. According to the latest report from the World Gold Council (WGC), total ETF holdings worldwide rose for the tenth consecutive month in September, crossing the 1,000-tonne mark for the first time in a calendar year. In September, gold ETF holdings increased by 68.1 tonnes ($4.6 billion) ? or 2% of assets under management (AUM). Global net inflows of 1,003 tonnes ($55.7 billion) in 2020 have pushed the gold ETF holdings universe to a fresh new all-time high of 3,880 tonnes so far.
WGC said that North American funds led the way again in September with inflows of 34.6 tonnes ($2.2 billion). European funds added 26 tonnes ($1.9 billion), while Asian funds added 6.8 tonnes ($432 million) as two new funds launched in China for a second straight month, bringing the total number of new funds in Asia to seven this year. Overall, the gold ETF AUM has grown about 67% year-to-date through September.
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