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Global assets under management in gold-backed ETFs/ETCs up 6 per cent

News Arnulf Hinkel, financial journalist – 29.08.2023

Although there were net outflows in four of the first seven months of this year, assets invested in gold funds and gold-backed ETCs increased by six per cent over the same period. At the end of July 2023, the value of gold under management globally in gold funds and gold-backed ETCs was just shy of US$215 billion, according to the World Gold Council. Over the same period, gold-backed ETFs and ETCs recorded outflows of just over 84 tonnes of gold globally.

Gold price remained high within first seven months

Growth of gold-based assets under management despite outflows is due to the favourable price development of the precious metal in most currencies. Recent data published by Bloomberg, the ICE Benchmark Administration and the World Gold Council shows an increase of the gold price in the US by 8.7 per cent in the first seven months of 2023, and by 5.7 per cent in the Eurozone. In Asia, the rise of the gold price was significantly stronger at 17.8 per cent in Japan, 12.5 per cent in China and 8.0 per cent in India. In Australia, it rose by 10.1 per cent. Gold gained the least in Switzerland at 2.2 per cent and in the UK at 2.1 per cent.

Outflows from gold-backed funds and ETCs significantly weaker in July

While gold holdings in Asian ETFs increased by 2.1 per cent over the first seven months, managed gold holdings in almost all other regions saw outflows. Only North American gold funds experienced a mini growth at 0.3 per cent. European gold-backed ETFs and ETCs saw the strongest outflows in H1 2023 with -5.5 per cent. In July, however, outflows slowed to -1.2 per cent. UK gold funds led the outflows in July with -16.2 tonnes, or 2.4 per cent, followed by German ETCs with -4.5 tonnes, i.e. -1.2 per cent.

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