The World Gold Council has reported that gold ETFs saw net inflows amounting to 9.1 tonnes of gold ($393 million) during November, bringing total holdings to 2,357t ($8.5 billion).

Gold ETFs add 9.1 tonnes in November

Global net inflows were dominated by flows into European-listed funds, which added 15.8t ($622m). North America saw outflows of 5.4t ($198m) during November, marking the second consecutive month of net outflows for the region’s gold ETFs.

Two currency-hedged gold funds in particular received notable inflows during November. The db Physical Gold Euro Hedged ETF (XAD1 GR) saw net new assets of $195m, boosting AUM by 14.1%, while the UBS ETF CH-Gold CHF Hedged (AUCHAH SW) gained $163m in net new assets, increasing AUM by 19.3%.

So far during 2017, gold ETFs have added 198t of gold, bringing total holdings to 2,357t ($8.5bn), an increase of 8.3% from the end of 2016. European-listed funds have led inflows during this time, capturing 75% of global net new assets to add 143t ($5.7bn) to their holdings, representing 14% of total AUM. North American funds have recorded 62.3t ($2.9bn) of inflows during the year so far, while Asian funds have seen outflows of 13.7t ($455m). Other regions are almost unchanged for the year with net outflows of 0.1t ($8.7m).

Source: World Gold Council.

Source: World Gold Council.

German-based ETFs have accounted for 34% of global net inflows in 2017. Deutsche Börse’s Xetra alone has accumulated 53.3t – a 49% increase year-to-date. In the US, the iShares Gold Trust (IAU US) and the SPDR Gold Shares (GLD US) accumulated a combined 62.5t or 33% of gross global inflows.