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Subdued investor sentiment hits gold ETFs


The World Gold Council has published its Gold ETF Report for April, which reveals that declining yields and a sliding dollar have pushed April’s average gold price to the highest in a year.

Global gold-backed ETFs experienced net outflows of 69.4 tonnes (-USD3.9 billion) in April 2023, as a result of subdued investor sentiment towards gold and the impact of rising US Treasury yields, the council writes.

North American funds accounted for the majority of outflows, with the largest being SPDR Gold Shares (-45.6 tonnes).

European funds also saw outflows, primarily from iShares Physical Gold ETC (-16.1 tonnes) and Invesco Physical Gold ETC (-14.4 tonnes). The Council writes that the Asia region bucked the trend, with net inflows into gold-backed ETFs of 3.5 tonnes (+USD166 million) driven by strong demand from China and India.

Despite the recent outflows, gold-backed ETFs remain an attractive option for investors seeking diversification and risk management within their portfolios, the Council says.

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