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WGC: ETF Gold Holdings Rise By 9.1 Tonnes In November

Kitco News

Editor's Note:World Gold Council corrected figures in its ETF report for year-to-date increase, which is in second paragraph.

(Kitco News) - Gold held by global exchange-traded funds increased their holdings by 9.1 tonnes in November, said the World Gold Council in a monthly report Wednesday.

This pushed total holdings to 2,357 tonnes, an increase of 191.8 for the year to date, said the industry-backed gold organization. This means an addition of $8.149 billion to assets under management, an increase of 8.3% since last December.

Gold ETFs generally trade like a stock but track the price of the commodity, with metal put into storage to back the shares.

The November inflows were concentrated in European ETFs, as investors added 15.8 tonnes through funds listed in the region, the Gold Council said. Meanwhile, North American ETFs collectively posted outflows of 5.4 tonnes, the second straight monthly decline. Asian ETFs lost 0.3 tonne, while holdings by ETFs in other regions lost 0.9 tonne.

In North America, iShares Gold Trust added 7 tonnes, while SPDR Gold Shares led outflows worldwide, with 11.2 tonnes leaving the vaults, the Gold Council said. In Europe, three currency-hedged funds grew: db Physical Gold Euro Hedged ETC added 5.3 tonnes, UBS ETF CH-Gold CHF Hedged added 4.2 tonnes and db Physical Gold ETC EUR added 2.3 tonne. Also, ETFS Physical Gold added 2.3 tonnes.

For the year to date, European funds have captured 75% of global inflows this year, adding 143 tonnes, the Gold Council said. German-based ETFs account for 34% of global growth, with Xetra-Gold alone accumulating 53.3 tonnes, a 49% increase year-to-date.

North American ETFs have recorded year-to-date inflows totaling 62.3 tonnes, while Asian funds have posted outflows of 13.7 tonnes.

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