Largest ETF inflows in three years drove gold demand in the third quarter
Exchange-traded fund inflows shot higher by the largest amount since the first quarter of 2016, in what the council attributed to accommodative monetary policies, safe-haven and momentum buying. During the third quarter, the Federal Reserve cut interest rates twice, and the European Central Bank cut interest rates in a package of easing measures.
Leading gold ETFs include the SPDR Gold Trust GLD, -0.29%, iShares Gold Trust IAU, -0.21% and the Aberdeen Standard Physical Swiss Gold Shares ETF SGOL, -0.27%. Overall gold demand rose just 3% during the quarter, as jewelry demand shrank by 16% as the yellow metal’s prices rose. Gold futures GC00, -0.33% were holding above the $1,500 an ounce level on Tuesday and have climbed by 19% over the last 12 months.
Central-bank buying fell by 38%, as the third quarter of 2018 featured the highest amount of buying on record. Bar and coin demand dropped by half.Steve Goldstein Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.
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