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Global ETF Holdings Decline During April

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Global ETF Holdings Decline During April

(Kitco News) - Holdings of gold by global exchange-traded funds fell by 57 tonnes to 2,424 tonnes during April, the World Gold Council reported Tuesday.

Flows are now negative for the year, with the price of gold in U.S. dollar terms relatively flat, the WGC added.

Global assets under management in these ETFs fell by 3% in April to $100 billion, as the price of gold of gold fell 1% during the month, the WGC said. Global gold-backed ETFs have now lost assets of $377 million, or 0.4% for the year, reversing January’s strong start, the WGC said.

Most gold ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares. This gives investors exposure to gold prices without undertaking certain expenses such as storage and assaying of physical metal.

North American ETFs posted outflows of 46 tonnes last month, the WGC said. Holdings in European funds fell by 8 tonnes, while those listed in Asia decreased by 2.5 tonnes. Other regions saw outflows of 0.4 tonne.

Among individual ETFs, SPDR Gold Shares posted the largest outflow at 38 tonnes.

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