Gold-backed ETFs up on stock volatility in November

NEW YORK, Dec 6 (Reuters) – Gold-backed exchange-traded funds (ETFs) registered inflows in all the world’s major regions in November, as volatile stock markets fueled flight-to-safety buying, the World Gold Council said on Thursday.

North American funds had inflows of $352.7 million while European funds posted inflows of $371.9 million last month, according to figures provided by the Council. It was the second consecutive month of net inflows for global gold-backed ETFs, as the price of gold rose 0.6 percent.

Global stock markets had their worst October since the 2008 financial crisis. November’s big losers were oil and shares of Apple Inc, which plunged more than 22 percent and 18 percent respectively, the biggest declines for both since the financial crisis.

Flows into European gold-backed ETFs lead global inflows with the strongest flow into UK-based funds. Increased Brexit concerns and a weakening British sterling drove investors to gold, the World Gold Council said.

Asian gold-backed ETFs had inflows of $72 million.

(Reporting by Renita D. Young; Editing by Richard Chang)

The post Gold-backed ETFs up on stock volatility in November appeared first on MINING.com.

Source : www.mining.com