Gold ETFs log 12th straight week of $2.08B inflows
Gold exchange-traded funds (ETFs) just logged their 12th straight week of net inflows, pulling in $2.08 billion last week, even though $1.46 billion was redeemed, with US investors leading ETF exits.
Chinese buyers stepped up during an over 3% fall in gold prices in the past month, as market jitters and global tensions made things unpredictable.
Asia tops gold ETF inflows $17.72B
While the US saw $132 million flow out of gold ETFs, China and Switzerland added $365 million and $223 million respectively.
So far this year, Asia has invested a whopping $17.72 billion, more than Europe or North America, highlighting how Asian investors are seeing gold as a safe bet when markets get shaky.
People's Bank of China increases gold
The People's Bank of China has increased its gold stash for 23 months straight, while global ETF holdings hit 4,256 metric tons in September.
This steady buying shows just how much trust there is in gold right now, especially with so much uncertainty around the world.