Gold ETF rush defies 8.5% gold price slide - The Northern Miner

AI desk brief

Gold ETF demand hit a record $31bn in Q3 even as bullion fell 8.5% in September to $4,176/oz, highlighting a sharp split between strong physical/investment demand and futures liquidation. The World Gold Council said global gold ETFs took in $10bn in September and holdings rose 67t to a record 4,256t, while Comex managed-money positions fell by 84t and spread positions by 156t, helping drive the price decline.

The selloff was amplified by a 53bp rise in the U.S. 10-year yield to 5.3% and a 2% gain in the dollar index, but ETF inflows remained resilient, with another $1.4bn last week. Physical and official-sector support also persisted: India moved to a premium over London for the first time since duty hikes, Chinese premiums stayed firm, and central banks bought 39t in August, led by China, Poland and Uzbekistan.