Gold ETF outlook by country

The highest demand for November was from the US, which saw an inflow of $695.7 million in Gold ETF, equivalent to 10.8 tonnes. The biggest outflow happened from Germany that shed Gold ETFs worth $1,036.3 million, or 15.1 tonnes.

November inflow from India was $46.6 million, or 0.6 tonnes. The Gold ETF holding in India is 42.1 tonnes, equivalent to an AUM of $3.1 billion.

China, on the other hand, dumped Gold ETFs worth $17.1 million, or 0.3 tonnes, in November, bringing its total holding to 59.9 tonnes and an AUM of $3.9 billion.

The lowest holdings are with Malaysia and Saudi Arabia that hold Gold ETFs worth 0.2 tonnes, each.

Gold Trading

In November, the global gold market daily trading volumes surged 3% month on month and averaged at $174 billion per day. However, gold ETFs trading slumped by 26% and the Over the Counter (OTC) market did not change much. Volumes of other exchange traded products rose by 10% with COMEX being the highest contributor. The positioning on COMEX stood at Net Long, totaling 658 tonnes at the end of November, a 23% increase month on month and 25% above the 2022 average (527 tonne). Money manager net longs also surged, rising by 36% month on month to 449 tonnes, reflecting investors’ positive sentiment amidst the gold price rally.

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investments in Gold ETFs

Outflow from global gold ETFs continues despite gold at all-time high