In a recent report released by the World Gold Council (WGC), it was revealed that global gold-backed exchange-traded funds (ETFs) saw outflows for the eighth consecutive month in January. The main reason behind this trend was attributed to significant redemptions taking place in North America.
The WGC noted that as the market pushed back against predictions of early rate cuts by major central banks, gold prices experienced a decline in January, which in turn diminished investors' interest in gold ETFs. As a result, these funds saw net outflows of $2.8 billion, equivalent to approximately 51 tonnes of gold. Collectively, holdings in gold ETFs dropped to 3,175 tonnes, while assets under administration (AUAs) dipped by 2% to $210 billion.
