Such funds had logged $1.7 billion in outflows in June and $3.1 billion outflows in May.
Indian gold ETFs saw slight outflows as investors booked profits amid a sharp correction in domestic gold prices and the expectation of a further weakness. Despite net outflows during the month, India has managed to squeak out year-to-date inflows of almost one tonne.
According to the report, a strong dollar and COMEX net long positioning, the lowest since April 2019, helped push gold prices down through the $1,800 per ounce support level. Gold was at $1,753 in July, down 2.8% from the year ago. Overall, year-to-date global inflow was around 153 tonnes or $10.3 billion. “Despite the outflows in recent months, 2022 inflows nearly offset 2021 outflows, highlighting continued strategic demand for gold. Holdings at the end of July stood at 3,708 tonnes or $209 billion, up 5% on the year,“ WGC said.
All regions barring Asia saw outflows in July. North America led the outflows.
