Highlights

Good Articles to Share

Author: Tan KW   |   Latest post: Fri, 14 Aug 2020, 5:56 PM

 

Gold-hungry investors drive ETF stockpile to new record in June

Author:   |    Publish date:


LONDON, July 7 - Gold-backed exchange traded funds (ETFs) added 104 tonnes of the metal worth US$5.6 billion to their hoard in June as investors worried about the fallout of the coronavirus outbreak rushed to buy bullion, the World Gold Council said on Tuesday.

ETFs, which store gold for investors, added 734 tonnes to their holdings in the first half of 2020 - more than in any previous full year, the World Gold Council said.

Many investors think gold will hold or increase its value as weak economic growth, government borrowing and central bank stimulus devalues other assets.

Their purchases have helped push gold prices up around 17% this year to around US$1,780 an ounce, the highest since 2012.

By the end of June, gold-backed ETFs held 3,620 tonnes of gold worth US$206 billion, according to World Gold Council data.

 


  - Reuters

 

Share this

  Be the first to like this.
 


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
Earn MQ Points while trading with MQ Traders Group
MQ Affiliate
Earn side income from MQ Affiliate Program
 
 

237  841  406  512 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 XOX 0.24-0.015 
 SAPNRG 0.115-0.015 
 BORNOIL 0.07+0.005 
 AT 0.09-0.015 
 PWORTH 0.040.00 
 PHB 0.035-0.005 
 LAMBO 0.0550.00 
 TRIVE 0.020.00 
 PHB-WB 0.02-0.005 
 NEXGRAM 0.0650.00 

FEATURED POSTS

1. MQ Trader - Introduction to MQ Trader Affiliate Program MQ Trader Announcement!
2. MQ Affiliate – A smarter way to earn more rewards MQ Trader Affiliate Program
3. MQ Affiliate – How to become an effective affiliate MQ Trader Affiliate Program
4. MQ Affiliate – Upgrading to Affiliate Partner MQ Trader Affiliate Program
Partners & Brokers