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.
