Global gold-backed ETF holdings fell 2% in April, resulting in net 2019 outflows to date

In April, holdings in global gold-backed ETFs and similar products fell across all regions by 57 tonnes(t) to 2,424t, equivalent to US$2.2bn in outflows. Global assets under management (AUM) in US dollars fell by 3% to US$100bn, as the price of gold of gold fell 1% during the month. Global gold-backed ETFs have now lost assets of US$377mn, 0.4% AUM on the year, reversing January’s strong start.

Gold Demand Trends Q1 2019

Gold demand lifted by central banks and ETFs. This compares with a relatively weak Q1 2018, when demand sank to a three-year low of just 984.2t. Central bank buying continued apace: global gold reserves grew by 145.5t.

Global gold-backed ETF holdings grew incrementally in March

Holdings in global gold-backed ETFs and similar products rose slightly in March by 2 tonnes(t) to 2,481t, equivalent to US$120mn in inflows. Global assets under management (AUM) fell by 1.7% in US dollars to US$103bn over the month, driven by the 2% decline in the price of gold during the same period. Global gold-backed ETF flows remain positive on the year (US$1.9bn, 1.9% AUM) on the back of strong January inflows.

Global gold-backed ETF holdings retreated in February

<p>After four straight months of inflows, holdings in global gold-backed ETFs and similar products fell in February by 33 tonnes(t) to 2,479t, equivalent to US$1.3bn in outflows. Global assets under management (AUM) fell by 2% in US dollars to US$105bn over the month. However, global gold-backed ETF flows remain positive on the year (US$1.7bn, 2% AUM) on the back of strong inflows in January.</p>

Global gold-backed ETFs continued their strong growth in January

Holdings in global gold-backed ETFs and similar products rose in January by 72 tonnes(t) to 2,513t, equivalent to US$3.1bn in inflows, marking the fourth consecutive month of net inflows. Notably, total holdings have not been this high since March 2013, when the price of gold was 22% higher. Global gold-backed ETF holdings have grown 6% over the past two months, driven by market uncertainty and a shift in sentiment that drove the price of gold 3.5% higher in January alone. Global assets under management (AUM) rose by 6% in US dollars to US$107bn over the month.

Global gold-backed ETF holdings grew 3% in 2018

Holdings in global gold-backed ETFs and similar products rose by 69 tonnes(t) to 2,440t in 2018, equivalent to US$3.4bn of inflows. Global gold-backed ETFs grew 3% in 2018, driven by strong growth in European funds and increased global inflows during December.** This is the first time since 2012 that the value of total gold-backed ETF holdings has finished the year above US$100bn.

Gold Demand Trends Q3 2018 - Video

Gold demand was 964.3t in Q3, just 6.2t higher y-o-y. Robust central bank buying and a 13% rise in consumer demand offset large ETF outflows. Alistair Hewitt explains the findings of our latest Gold Demand Trends report.