Gold ETFs hit record high in H1: WGC



Global gold-backed ETFs (exchange-traded funds) increased by 104 tonnes in June, taking total holdings to a record high of 3,621 tonnes in the first half of the year (H1), according to the World Gold Council (WGC).

In H1, concerns over the economic and social impact of COVID-19 pandemic have driven safe-haven flows into gold investment products, most notably gold ETFs.

As of June, gold ETFs across all regions have seen net inflows for seven consecutive months. This brought global net inflows in H1 to 734 tonnes, which is even above the highest level of annual inflows, the WGC data showed.

Gold ETFs listed in North America increased by 83 tonnes in June, accounting for around 80 percent of the monthly global net inflows. European gold ETFs reported an inflow of 18 tonnes last month as Asian funds rose marginally by 0.4 tonnes.

According to the WGC, gold ETFs listed in North America and Europe now account for 52 percent and 43 percent of global holdings respectively.

Since its debut in 2003, gold ETFs and similar products have accounted for a significant part of the gold market, with growing acceptance among both institutional and individual investors.

(Cover via VCG)

Source(s): Xinhua News Agency