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.
TREND : WEAK BULLISH
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