After 13-week inflows investors redeem $3.01 billion from gold ETFs
Business
After 13 straight weeks of people putting money into gold exchange-traded funds (ETFs), last week saw a surprising shift: investors redeemed $3.01 billion as gold prices dropped 4%.
Most of these withdrawals came from the US especially as gold slipped below the $4,000 mark.
Biggest weekly gold drop since June
Gold just had its biggest weekly drop since June, thanks to rising oil prices, currency swings, and talk of higher interest rates.
The stronger dollar and higher bond yields aren't helping either.
Still, with Dhanteras and Diwali coming up, some experts think these festivals could steady prices and even bring new buyers back into the market.