Positive inflows into gold ETFs continue for the 4th week in a row
Though the yellow metal did not gain much last week, investors’ interest was sustained by prices ruling near $4,400/ounce
Investors continued to pour money into gold exchange-traded funds (ETFs) for the fourth consecutive week, as reported by the World Gold Council. Despite a slight dip in gold prices, the metal's near $4,400 an ounce value drew in capital. The week ending August 7 saw $4.88 billion in inflows and $1.36 billion in outflows, led by the UK and US investors.
Chinese investors, however, made a small withdrawal of $9.2 million. Prithviraj Kothari, a prominent figure in the gold industry, noted that gold held onto its momentum despite profit-taking on Friday, due to concerns over the Strait of Hormuz and geopolitical tensions. Analysts are keeping an eye on upcoming economic data and Fed Chair Kevin Warsh's remarks at the Jackson Hole symposium as potential catalysts for the precious metal's future movements.
Year-to-date, net investments in gold ETFs are positive at $17.22 billion, with $97.88 billion in inflows and $80.66 billion in outflows. China and India have maintained positive inflows, contributing $11 billion to the total. The US, UK, Germany, France, and Japan are among the countries contributing to the positive trends, with Asia seeing net positive investments from Hong Kong, Japan, South Korea, and Singapore.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
