Gold ETFs log 10th week, $1.72B inflows amid price slide
Business
Gold exchange-traded funds (ETFs) just notched their 10th week of steady inflows, pulling in $1.72 billion, even though gold prices have dipped over 6% this month and 4% just last week.
On Monday, gold was trading at about $4,150 per ounce, down 3% from the previous week.
US $683 million outflow, UK $438 million inflow
US investors actually pulled out the most money ($683 million), but UK investors led the charge with $438 million in new investments.
Other countries like China, Canada, Switzerland, Germany, and France also saw action.
Looking ahead, analysts say gold's next moves will depend a lot on US economic data, especially jobs and inflation numbers, but festive season demand could give it a boost too.