Gold ETF Holdings Up Five Tonnes in Second Quarter

Source:

The World Gold Council said that inflow into all gold ETFs totaled 22 tonnes in May, and the pace picked up in June to 45 tonnes, offseting an significant outflow of 61 tonnes in April as investors took profits heavily after bullion hit an all-time high.

Bullion holdings in gold-backed, exchange-traded funds (ETFs) reported a net inflow of five tonnes in the second quarter, bringing the total to 948 tonnes, industry-sponsored World Gold Council (WGC) said on Tuesday.

The price of gold averaged $896.29 an ounce in the second quarter, nearly $30 below the previous quarter level, hurt by a stronger dollar and less buying of bullion as a safe-haven investment, WGC said in its quarterly investment digest.

WGC said that inflow into all gold ETFs totaled 22 tonnes in May, and the pace picked up in June to 45 tonnes, offseting an significant outflow of 61 tonnes in April as investors took profits heavily after bullion hit an all-time high.

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