Home Gold News Global Gold ETF Holdings Surge For 10 Consecutive Months

Global Gold ETF Holdings Surge For 10 Consecutive Months


According to the latest report from the World Gold Council (WGC), total ETF holdings worldwide rose for the tenth consecutive month in September, crossing the 1,000-tonne mark for the first time in a calendar year. In September, gold ETF holdings increased by 68.1 tonnes ($4.6 billion) — or 2% of assets under management (AUM). Global net inflows of 1,003 tonnes ($55.7 billion) in 2020 have pushed the gold ETF holdings universe to a fresh new all-time high of 3,880 tonnes so far.

WGC said that North American funds led the way again in September with inflows of 34.6 tonnes ($2.2 billion). European funds added 26 tonnes ($1.9 billion), while Asian funds added 6.8 tonnes ($432 million) as two new funds launched in China for a second straight month, bringing the total number of new funds in Asia to seven this year. Overall, the gold ETF AUM has grown about 67% year-to-date through September.

Gold prices edged higher on Friday

Gold prices edged higher on Friday, supported by a weaker dollar and optimism over a new U.S. coronavirus relief aid after President Donald Trump said talks with Congress have restarted. Spot gold rose 0.3% to $1,898.31 per ounce. U.S. gold futures were up 0.4% at $1,902.60. The dollar index was on track for a second consecutive weekly decline. In an interview, Trump said there was a good chance a deal over COVID-19 relief could be reached, but gave no other details about a possible agreement. House of Representatives Speaker Nancy Pelosi said legislation to help airline companies survive the fallout from the pandemic could only move through Congress with guarantees that a comprehensive aid bill would be developed too. Gold-backed exchange traded funds added more than 1,000 tonnes of bullion worth $60 billion at current prices to their stockpile in the first nine months of 2020, driving a sizzling price rally, the World Gold Council (WGC) said. The world’s central banks sold more gold in August than they bought, the WGC said, ending a year-and-a-half-long run of monthly gold accumulation and helping stall a rapid rise in gold prices. Silver rose 0.4% to $23.93 per ounce.


Time                                      :           09/10/2020

Pivot                                     :           1901.52

Technical View                     :           LONG ABOVE 1911.73

Target                                   :           1921.95, 1932.86, 1952.85

Technical View                      :           SHORT BELOW 1896.08

Target                                   :           1890.65, 1870.76, 1859.75


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