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Gold Falls in September as ETFs Draw Record Investor Inflows
Gold became cheaper in September, falling 8.5%.
Higher bond yields made other investments more attractive, and a stronger US dollar also put pressure on gold prices.
Even so, people added nearly $10 billion to gold ETFs that hold physical gold.
Those funds’ gold holdings reached a record 4,255.7 tonnes.
Their total value still fell because the gold price went down.
At the same time, investors reduced their gold futures positions on COMEX.
The different moves show that ETF buying continued while futures positions shrank.
The figures do not tell us whether ETF buyers were taking advantage of lower prices or investing for the long term.
Gold prices fell 8.5% in September, with rising bond yields and a stronger dollar among the main pressures.
Physically backed gold ETFs attracted nearly $10 billion, lifting global holdings to a record 4,255.7 tonnes.
ETF assets under management fell 7% month-on-month to $574.2 billion as lower prices reduced their value.
COMEX managed-money net positions dropped by $12 billion, or 84 tonnes, while total net long positions fell 100 tonnes.
Gold ETFs received $30.74 billion in the third quarter; the figures show contrasting trends but do not explain investors’ motives.
- Who
- Investors in physically backed gold ETFs and COMEX futures.
- What
- Gold prices fell while physical gold ETF holdings and inflows rose, and COMEX futures positions contracted.
- Where
- Global gold ETFs and the COMEX futures market.
- When
- September; the article also reports third-quarter ETF flows.
- Why
- Rising yields, a stronger dollar and reduced futures positioning contributed to the price decline; the article says inflation, energy prices, equity valuation concerns and bond-market volatility may have supported ETF demand.
Key facts
- Gold price change
- Down 8.5% in September
- September ETF inflows
- Nearly $10 billion
- Global ETF gold holdings
- Record 4,255.7 tonnes
- ETF assets under management
- $574.2 billion, down 7% month-on-month
- Third-quarter global gold ETF inflows
- $30.74 billion
- Third-quarter increase in ETF holdings
- 211.2 tonnes
- Change in COMEX managed-money net positions
- Down $12 billion, equivalent to 84 tonnes
Sources
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