$2.2B outflow from gold

THERE was a big drop off in global gold-backed exchange-traded funds and similar products during April, with the World Gold Council reporting that they fell across all regions by 57t to 2424t, equivalent to $2.2 billion in outflows.
$2.2B outflow from gold $2.2B outflow from gold $2.2B outflow from gold $2.2B outflow from gold $2.2B outflow from gold

Staff Reporter

"Global assets under management (AUM) fell by 3% to $100 billion, as the price of gold fell 1% during the month.
Global gold-backed ETFs have now lost assets of $377 million, 0.4% AUM on the year, reversing January's strong start.
Regional fund flows were:
• North American funds had outflows of 46t ($1.9 billion, 3.7% AUM).
• Holdings in European funds fell by 8t ($257 million, 0.6%).
• Funds listed in Asia decreased by 2.5t ($114 million, 4%).
• Other regions had outflows of 0.4t ($16 million, 1.3%). 
Holdings in Chinese funds have put a damper on total Asian holdings with assets in the region falling 10% on the year.
Despite outflows in April, holdings in UK-based gold-backed ETFs remain near all-time highs, likely due to Brexit uncertainty driving heavy inflows over the past few quarters.