Gold prices have had pullback in recent weeks, after hitting an all-time record high of 2450.05 in May. In a report on Gold ETFs from the World Gold Council, inflows amounted to $529 million dollars, bringing total assets under management for gold ETFs up 2% to $234 billion.
This marks the highest levels since April 2022. While collectively, Gold ETF funds hold 3,088 tons of physical bullion, down from levels in 2023.
The WGC highlighted that European and Asian funds were the primary drivers of global inflows. May represented Asia’s 15th consecutive month of inflows, while Europe recorded its first positive flow since last May. In contrast, North American fund flows turned slightly negative.