look news india
New Delhi: Investments in gold ETFs declined in November after six consecutive months (May-October) of growth in gold ETFs globally, according to the latest data from the World Gold Council. According to the data, till November 22 last month, investment in gold ETFs globally has decreased by $ 2.1 billion i.e. 30.1 tonnes.
If we look at this year, till November 22, investment in Gold ETFs has increased by $2.43 billion. Even before May 2024, gold ETFs had seen global outflows for 12 consecutive months.
According to experts, after China’s central bank stopped purchasing, gold got the most support from investment i.e. ETF demand. If demand for ETFs remains sluggish in future, gold may come under pressure.
China’s gold reserves remained unchanged for the sixth consecutive month in October, according to data from the People’s Bank of China, China’s central bank. However, experts believe that given the fall in gold prices and the changing geopolitical environment after Trump’s victory, China’s central bank may start buying gold again.
Till April this year, China’s gold reserves had increased for 18 consecutive months. China’s gold reserves increased by 2 tonnes to 2,264 tonnes during April. However, it was the smallest increase in China’s gold reserves in 18 months. Compared to October 2022, this is about 319 tonnes i.e. 16.5 percent more. China’s total gold reserves at the end of October 2022 stood at 1,948.32 tonnes, while the share of total reserves was 3.19 percent.
Currently, gold reserves account for 4.9 percent of China’s total foreign exchange reserves. Except for the period March-May 2023, investment demand was continuously in negative territory from April 2022 to April 2024.