Gold-backed exchange-traded funds (ETFs) and similar products recorded their ninth consecutive month of inflows in August, albeit at their slowest pace for this year, adding 39 t during the month – equivalent to $2.1-billion or 0.9% of assets under management (AUM) as the price of gold reached a record high of $2 067/oz early in August.
The World Gold Council (WGC) reports that, in August, as equities continued to increase to new all-time highs, interest rates rose and yield curves steepened, investor positioning in the gold market consolidated later in the month and the gold price ended the month slightly lower, at $1 957/oz, for the first time in five months.