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What is behind outflows from global Gold ETFs?
Contrary to the prevailing trends in global Central Banks' actions, Gold backed Exchange Traded Funds (ETFs) are currently divesting from the precious metal. Physically backed Gold ETFs saw net outflows of $2.3 billion in July, equivalent to a 34-tonne reduction in holdings. By the end of July, total holdings of global gold ETFs fell to 3,864 tonne,14% below the previous record low of 3,919 tonne set in October 2020. All regions experienced outflows in July except for Asia. Total assets under management (AUM) of global Gold ETFs stood at $215 billion at the end of July. The higher gold price helped moderate gold ETF ... (full story)