Gold holdings fall in May

HOLDINGS in global gold-backed exchange traded funds and similar products fell marginally in May by 2.2 tonnes to 2421t, equivalent to $141 million in outflows as consistent European fund growth was offset by outflows in North America – early in the month – and in Asia.
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Staff Reporter

The World Gold Council reports that global assets under management (AUM) in US dollars rose 1% to $101 billion as the price of gold rallied 1.7% during May.
 
"Year to date, global gold-backed ETFs have lost 0.5% in assets (19t, $535 million), mostly due to heavy outflows in February, April and early May. However, higher uncertainty and market volatility have supported flight-to-quality flows into gold-backed ETFs in recent weeks," the WGC said.
 
• Holdings in European funds rose by 15.9t ($627 million, 1.3%).
 
• North American funds had outflows of 13.7t ($580 million, 1.2% AUM).
 
• Funds listed in Asia decreased by 4.1t ($171 million, 6%).
 
• Other regions had outflows of 0.5t ($17 million, 1.3%).

 

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