Asia has biggest gold outflows

HOLDINGS in global gold-backed exchange traded funds and similar products fell by 39 tonnes to 2394t in July, pushing assets under management in US dollars down by 4% to $94 billion from $98 billion in June.

  • Staff Reporter
  • 10 August 2018
  • 04:43
  • News
Asia has biggest gold outflows

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Gold price performance was a large contributor to outflows as it fell more than 2% in US dollar terms.
 
All regions experienced outflows in July. ETF outflows were dominated by North American funds, losing $984 million.
 
Asia experienced the largest outflows on a percentage basis (6.2%), while Europe reversed the recent trend of inflows, losing 8.0t ($302 million).
 
Overnight, the gold price was fixed at $1210.36 an ounce.
 
The WTI crude oil price was slightly down overnight at $66.72 per barrel.
 
In softer commodities, cocoa decreased $30 per tonne or 1.42% to $2081/t yesterday from the $2111 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 or 0.46% to 107.35c/lb yesterday from 107.85c/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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