Saudi gold ETFs fell by $2.1mln in June; year-to-date global demand still strong

Saudi gold ETFs fell by $2.1mln in June; year-to-date global demand still strong

Investments in gold exchange-traded funds (ETFs) slowed down in Saudi Arabia and other markets last month amid high interest rates and stronger US dollar, but year-to-date global demand remained strong, according to the latest data from the World Gold Council (WGC).

Funds in Saudi Arabia fell by $2.1 million in June this year, registering year-to-date flows of 6.5 tonnes. In US dollar terms, Saudi's decline in ETF flows were lower compared to other major markets like the United States, Germany, Switzerland, Italy and France.

Overall, global gold ETF demand remained strong despite the outflows last month, according to WGC in its report.

Global gold ETFs fell by 28 tonnes or $1.7 billion in June, but global holdings still registered a 6 percent year-to-date growth, bringing the total at the end of June to 3,792 tonnes or $221.7 billion.