India led inflows by changes in the recent budget
Western activity picked global backed gold ETFs up in July Recently, World Gold Council (WGC) published the Gold ETF Commentary, Western activity picked up in July report. Further in their; July in review, the WGC suggest that global physically-backed gold ETFs have now seen inflows three months in a row, adding US$3.7bn in July. Notably, all regions reported positive flows this month with Western gold ETFs contributing the most. A combination of the July inflow and a 4% rise in the gold price pushed total global assets under management (AUM) 6% higher to US$246bn, a new month-end record.3 Collective holdings concluded July with a 48t increase, reaching 3,154t. Successive inflows over recent months have narrowed the y-t-d loss in global gold ETFs to US$3bn. And while collective holdings have fallen by 72t (-2%) so far in 2024, their total AUM rose by 15%, supported by a 17% increase in the gold price. European and North American funds remain on the red for the year despite