UNITED KINGDOM June 09 2017 8:54 PM
LONDON (Scrap Register): European investment demand was the main driver for gold last month as flows into regional exchange-traded funds (ETF) doubled their North American counter parts, according to the latest report from the World Gold Council (WGC).
In its monthly review of the global ETF market, the WGC said that holdings in European-based gold-backed products increased by 20.8 tons to 967.2 tons, an increase of 2% from the previous month. This more than doubled the North American market, which saw net outflows of 7.2 tons, to 1,214.0 tons.
Total holdings in global gold-backed ETFs stood at 2,291.9 tons, up 10.5 tons from April, with a total value of $93.9 billion.
In a breakdown of specific investments, the WGC said that Germany was the biggest winner with the db Physical Gold Euro Hedged ETF seeing inflows of 36.2 tons last month and db Physical Gold seeing inflows of 18.2 tons.