business

Gold-backed ETFs record first net outflow in 2020: WGC

BEIJING, Dec. 21 (Xinhua) — The global holdings of gold-backed exchange-traded funds (ETFs) and similar products dropped by 107 tonnes in November, recording the first monthly net outflow this year, data from the World Gold Council (WGC) showed.

During the first 11 months, net inflows of gold ETFs totaled 916 tonnes, bringing global holdings to 3,793 tonnes, or around 215 billion U.S. dollars.

Gold ETFs listed in North America saw an outflow of 62.3 tonnes in November, while gold ETFs listed in Europe dipped by 42.4 tonnes, the data showed.

The WGC noted that the steep decline of international gold prices, as well as rising risky assets, explained much of the November drop in global ETFs holdings.

Since its debut in 2003, gold ETFs and similar products have accounted for a significant part of the gold market, with growing acceptance among both institutional and individual investors.

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