Investors poured more cash into gold-backed exchange-traded funds (ETFs) in September, resulting in the biggest monthly inflow on record, according to the World Gold Council (WGC).
Bullion funds added 146 tonnes of metal last month, up substantially from 53 tonnes in August. This pushed total holdings to 3,838 tonnes, just below November 2020’s all-time high of 3,929 tonnes.
On a monetary basis, September’s inflows totalled $17.3 billion, which – in tandem with the soaring gold price – drove assets under management (AUMs) to a new summit of $472.5 billion.
Last month’s robust result also meant total inflows for the third quarter were the strongest ever for any quarter, at $26 billion.
Gold prices rose 17% over the course of the third quarter. It has since struck further record highs, including a new all-time peak of $3,983 per ounce in recent minutes.
Speculation over Federal Reserve rate cuts, combined with signs that the US government shutdown will rumble on, has pushed gold to fresh highs.
