Gold ETFs charted their strongest month since April 2022 in July.
Globally, ETFs added 48.5 tons of gold to their holdings last month, with funds in every region reporting increases. A combination of gold inflows and a 4 percent increase in the price of gold drove a 6 percent increase in total assets under management by gold-backed funds to $246 billion, a new month-end record. Globally, gold-backed ETFs held 3,154 tons of gold as of July 31. That is the highest level this year. May was the first month of positive gold flows into ETFs in 12 months.
Even as gold flowed out of Western ETFs, Asian funds have been adding gold for over a year, reflecting the movement of gold from the West to the East. Asian funds added gold for the 17th straight month in July, boosting holdings by 5.3 tons. India led the way, with Indian demand boosted by a recent cut in the gold import tax. China and Japan-based funds also reported net inflows, driven by equity market weaknesses and strong local gold price performances. Asia has reported gold inflows of $3.
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