look news india
Total holdings of physical gold-backed gold exchange-traded funds (gold ETFs) globally declined by $6.7 billion in the first half of calendar year 2024.
Such information has been given in a recent report of the World Gold Council (WGC). This is the biggest decline in gold ETF holdings in the first six months of any calendar year since 2013. According to the report, the total holding of gold ETFs fell by 120 tonnes or 3.9 percent to 3,105 tonnes during the period under review.
According to details given in this WGC report, gold ETF holdings in Asia increased by $3 billion in the relevant period, but even after offsetting Asia's increase, gold ETF holdings in North America and Europe declined by a total of $9.8 billion. Western investors have not reacted as expected to the rise in gold prices due to high interest rates. Usually, the influx of Western investors plays a major role in gold prices, but this time it was not so. On the other hand, investors from Asian countries have invested more as per the increase in gold prices.