Positive investments in gold ETFs continue for the fifth week in a row
US and UK lead the trend as investors find the current price of over $4,600 an ounce attractive
Gold exchange-traded funds (ETFs) experienced a fifth week of positive inflows, as investors were attracted to prices above $4,500 per ounce. The United States and the United Kingdom led the investments, with $7.56 billion and $1.07 billion respectively flowing into gold ETFs. The week ending on August 21 saw $6.38 billion in net positive inflows, compared to $1.18 billion in outflows.
Colin Shah, MD of Kama jewelry, noted that a recent rally in gold highlighted the metal's enduring appeal as a haven asset amidst shifting global economic conditions. Darshan Desai, CEO of Aspect Bullion & Refinery, highlighted strong momentum in the bullion market, driven by softer dollar expectations, haven demand, and global interest rate cues.
Gold prices have risen sharply in recent months, reaching $4,676 an ounce on Monday, up from $4,000 for some time. The surge in gold ETF investments began after the metal's rise, with inflows from various countries including the US, UK, France, China, and Germany. Year-to-date net investments in gold ETFs reached $23.611 billion, with total inflows at $105.45 billion and outflows at $81.83 billion.
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