3 weeks ago

Gold ETF inflows net positive for third straight week

Gold ETF inflows net positive for third straight week
Inflows into gold ETFs continue to be net positive for 3rd week in a row · thehindubusinessline.com

Gold is a shiny metal that many people like to keep because it feels safe to own.

Some people invest in gold through special funds called gold ETFs, which hold real gold.

Last week, more money went into these gold funds than came out of them.

That is the third week in a row this has happened.

Gold prices also went up a lot last week, by about 6.6 per cent.

This happened because fewer people found jobs in the United States than expected, so experts think the US central bank may not raise interest rates as much.

Investors in the US, China and the United Kingdom bought the most gold, while some investors in Canada sold some of theirs.

This year so far, gold investors have put in much more money than they have taken out.

Even though gold is worth less than it was at its highest point this year, many people still see it as a safe place to keep money when the world feels uncertain.

Key facts

Net inflows (week ended Aug 7)
$3.04 billion
Weekly inflows / outflows
$4.38 billion / $1.33 billion
Year-to-date net inflows
$13.69 billion
Gold price (Monday)
~$4,332 per ounce
Weekly gold price gain
~6.6%
Record high (January 29)
$5,608 per ounce
Decline since record high
23%
September Fed rate-hike odds
44% (down from 55%)

Quotes

Prithviraj Kothari

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

“While some profit‑booking may emerge amid a stronger dollar, investors continue to view gold as an important store of value amid global economic and geopolitical uncertainty.”
thehindubusinessline.com
“Gold’s $3,950–4,000 levels are the support zone.”
thehindubusinessline.com

Sources

Related news