Commerzbank: ETFs Increase Gold Holdings By 5.4 Tonnes

Berlin-Germany (July 24)  Holdings of gold by global exchange-traded funds posted their biggest inflow in weeks on Monday, reports Commerzbank. The ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares. Holdings have been declining lately along with the price of gold. However, “the gold ETFs tracked by Bloomberg saw inflows of 5.4 tonnes yesterday – their highest daily inflow in many weeks,” Commerzbank says. “Clearly bargain hunters were lured in by the low price. Whether this will prove sustainable will only become apparent in the next few days, however. After all, the lion’s share of inflows were attributable to the SPDR Gold Trust in the U.S., which was also chiefly responsible for the pronounced outflows in the weeks before.”

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