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World Gold Council reports USD1bn in inflows into gold ETFs in January

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Gold-backed ETFs saw inflows of USD1 billion or 13.8 tonnes (t) in January, after ending 2020 with two consecutive months of outflows in November and December, according to new data released today by the World Gold Council.

Global AUM for gold-backed ETFs now stands at USD226 billion (3,765t), while European funds accounted for the bulk of the global inflows in January, as assets under management (AUM) rose by 17.5t (USD1.1 billion, 1.2 per cent). UK-listed funds led the way, adding 9.4t.

Regionally, North American funds fell by USD303 million (-0.3 per cent AUM), while Asian funds were effectively flat, adding USD19.2 million (0.3 per cent AUM),  off the back of rising real yields, a strong equity market, and strengthening RMN in China.

Trading volumes for gold finished the month at USD186 billion per day, fractionally above the 2020 average of USD183 billion.

Adam Perlaky, Manager, Investment Research, at World Gold Council says: “We believe investment demand for gold will remain strong in 2021 as investors react to inflation, global rates, and risk around budget deficits and equity market corrections. The reverse course we’ve seen in global gold-backed ETFs from consecutive outflows at the end of 2020 to inflows now in January supports our view.

“Overall gold demand is significantly driven by the low-cost gold-backed ETFs that grew so meaningfully in 2020 and although we may not see overall inflows doubling over the course of the year as in 2020, we do expect investors to maintain allocations in gold to hedge against the market environment and risks that have carried over to the new year.”

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