2 weeks ago

Gold ETF inflows stay positive for fourth straight week

Gold ETF inflows stay positive for fourth straight week
Positive inflows into gold ETFs continue for the 4th week in a row · thehindubusinessline.com

Gold is a shiny metal that many people buy to keep their money safe.

Some people buy gold through special baskets called gold ETFs.

Last week, more people put money into these gold baskets than took money out.

This is the fourth week in a row that has happened.

The money came mostly from the United Kingdom and the United States.

Gold costs about $4,400 for one ounce, which is much less than its record price of $5,608.

Gold prices have fallen because people worry about inflation and higher interest rates.

Even so, investors keep buying gold because of tensions in the world, like the standoff at the Strait of Hormuz.

Experts are also watching what the US Federal Reserve will do next.

That is why gold keeps getting new investments even as its price drops.

Key facts

Net weekly inflows
$4.88 billion (week ended August 7)
Weekly outflows
$1.36 billion
Gold price
Near $4,400/oz; quoted at $4,385/oz on Monday
Record high
$5,608/oz on January 29
Decline since record
22%
Year-to-date net ETF investments
$17.22 billion
China and India YTD investments
$11 billion
Data source
World Gold Council

Quotes

Prithviraj Kothari

Managing Director at RiddiSiddhi Bullions Ltd and President of India Bullion and Jewellers Association Ltd

“"The market will watch FOMC minutes, July industrial production data, the Philadelphia Fed Manufacturing Index, and flash August PMIs, with Fed Chair Kevin Warsh’s remarks at the Jackson Hole symposium later this month shaping up as the next major catalyst for precious metals."”
thehindubusinessline.com
“"Gold held onto most of last week’s rally despite Friday’s profit‑taking."”
thehindubusinessline.com

Sources

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