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Gold ETFs boosted as investors seek safe haven assets

04 June 2019


Holdings in gold-backed ETFs had their biggest inflows in a year this week, in a sign that the precious metal is recovering its status as a safe haven investment.Inflows into the world’s largest gold ETF, the SPDR Gold Trust, rose by 2 per cent on Monday — its biggest one-day gain since 2016, as uncertainty continued to weigh on global stock markets.


“The biggest bullion-backed exchange-traded fund is suddenly getting a lot of love,” analysts at Numis said.Investors are moving into gold as a protection against weakness in global equity markets and uncertainty about the future of trade relations between the US and China.In total, holdings of gold in exchange traded funds rose by 609,000 ounces of gold on Monday, the biggest inflow so far this year.The purchases have helped sustain an increase in the price of gold, which hit a three-month high on Tuesday, at $1,327.9 a troy ounce.


Source: https://www.ft.com/con