CORRECTED-(OFFICIAL)-November global gold ETF holdings up on strong European inflows –WGC

Date 12/7/2017 1:47:48 PM Source: Reuters

  NEW YORK, Dec 6 (Reuters) - Global holdings of gold-backed exchange-traded funds (ETF) rose by 9.1 tonnes to 2,357 tonnes in November, with the net inflows coming entirely from Europe as the U.S. dollar fell, the World Gold Council said on Wednesday.

    This inflow was valued at $393.4 million, it said.

    "A weaker dollar last month drove flows by currency-hedged ETFs in Europe ... as investors added 15.8 tonnes ($622 million) of gold through funds listed in the region," the World Gold Council said in a monthly report.

    This compared with outflows of 5.4 tonnes worth $198 million in North America, the second straight monthly decline, while Asian funds lost 0.3 tonne worth $200,000, it said.

    The council first started publishing this report, comprised of 75 gold-backed ETFs, in August.

    "European funds continue to lead gold-backed flows and have captured 75 percent of global inflows this year," the World Gold Council said.

    German-based ETFs have made up nearly a third of gold ETF inflows in 2017 so far, it said.

    In the first 11 months of 2017, funds have added 191.8 tonnes of gold to their global ETF holdings, an inflow valued at $8.149 billion. This represents an 8.3 percent increase of global assets under management from December 2016, the council




Edited by SHMET