Gold-backed ETFs up on stock volatility in November
NEW YORK – Gold-backed exchange-traded funds (ETFs) registered inflows in all the world's major regions in November, as volatile stock markets fueled flight-to-safety buying, the World Gold Council said on Thursday.
North American funds had inflows of $352.7-million while European funds posted inflows of $371.9-million last month, according to figures provided by the Council. It was the second consecutive month of net inflows for global gold-backed ETFs, as the price of gold rose 0.6%.
Global stock markets had their worst October since the 2008 financial crisis. November's big losers were oil and shares of Apple Inc, which plunged more than 22% and 18% respectively, the biggest declines for both since the financial crisis.
Flows into European gold-backed ETFs lead global inflows with the strongest flow into UK-based funds. Increased Brexit concerns and a weakening British sterling drove investors to gold, the World Gold Council said.
Asian gold-backed ETFs had inflows of $72-million.
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