Big gold outflows

HOLDINGS in global gold-backed exchange traded fundss and similar products fell by 49.3 tonnes to 2434t in June, pushing assets under management (AUM) in US dollars down by 2.1% relative to May.
Big gold outflows Big gold outflows Big gold outflows Big gold outflows Big gold outflows

Staff Reporter

The World Gold Council reports that investors seemed to shrug off poor equity market performance and escalating global trade tensions, pushing the gold price down by 4.2% in June.
 
ETF outflows were dominated by North American funds, losing $1.9 billion in the face of US dollar strength and a declining gold price, while funds listed in Asia and other regions lost $149 million and $89 million respectively.
 
Europe had marginal inflows during the month, with gold holdings increasing fractionally by $52 million.
 
Regional fund flows:
 
• North American funds: outflows of 44.4t ($1.9 billion, 3.7% assets under management).
 
• Funds listed in Asia decreased by 3.5t ($149 million, 3.8%), while other regions also saw a reduction in holdings of 2t ($89 million, 6.2%) 
 
• Holdings in European funds marginally increased by 0.5t ($52 million, 0.1%)
 
Overnight, the gold price was fixed at $1245.78.
 
The WTI crude oil price was up overnight at $70.38 per barrel.
 
In softer commodities, cocoa increased $5 per tonne or 0.20% to $2489/t yesterday from the $2484/t in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
 
Coffee decreased 0.50c per pound or0.46 % to 108.70c/lb yesterday from 109.20c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.
 
 

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