For the fourth straight month, gold-backed ETFs increased their net gold holdings.
Funds in every region reported net inflows of gold with Western funds leading the way. Globally, gold-backed ETF s added 28.5 tons of gold to their holdings in August. Due to a combination of rising gold prices and inflows of metal, global assets under management held by gold-backed ETF s have increaed by 20 percent so far this year, coming in at $275 billion as of the end of August.
The recent import duty reduction has lit a fire under the Indian gold market. Japan also reported reported noteably inflows for the sixth straight month. Funds in other regions added 3.2 tons. Australia has reported increased ETF gold holdings for three straight months. Average over-the-counter trading volumes rose by 5.9 percent month-on-month to $158 billion per day. In tonnage terms, OTC volumes charted 2 percent month-on-month increase.
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