WGC: Demand for Gold ETFs Turns Positive

The World Gold Council (WGC) reported that global physically-backed gold exchange-traded funds (ETFs) witnessed inflows in October for the sixth consecutive month, with year-to-date flows turning positive for the first time this year. The WGC noted that demand was supported by inflows from North America and Asia. As geopolitical tensions rise and market uncertainties persist, investors flocked to gold ETFs that act as wealth vaults, holding gold on behalf of investors and generating significant demand for the precious metal. The WGC stated that there was an inflow of $4.3 billion into gold-backed ETFs in October, bringing total collective assets to 3,244 tons. Furthermore, it reported that ongoing inflows and record gold prices raised managed global assets to a record high of $286 billion by the end of October.