July was a strong month for gold-backed exchange-traded funds as gold prices surged, continuing the positive trend that started in mid-May, as uncertainty rose owing to trade war escalations and global monetary policy started to shift to a more accommodative stance. Against this backdrop, gold-backed ETFs added 52 t, increasing their collective gold holdings to 2 600 t in July – a level not seen since March 2013, the World Gold Council says.
