Commodities Buzz: Global Gold ETFs record first outflow in six months

World Gold Council or WGC stated in a latest update yesterday that global physically backed gold ETFs reported a net loss for the first time in six months, with collective outflows of US$2.1 billion in November. Despite a weaker gold price, North America reported a fifth consecutive ? albeit smaller ? monthly inflow. All other regions witnessed outflows with Europe once again bearing the brunt of global losses. November's outflow along with a lower gold price brought total global gold ETF assets under management (AUM) down to US$274bn (-4%). Meanwhile, collective holdings fell 29 tonnes to 3,215 tonnes. Despite recent losses, y-t-d inflows into global gold ETFs remained positive at US$2.6 billion. Over the past eleven months, Asia and North America have driven global inflows while Europe remains the only region with outflows. Y-t-d global gold ETF demand has flipped negative (-11 tonnes) again due to the November weakness. Global gold trading volumes kept rising, mainly driven by active trading of futures and ETFs, WGC noted.

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