Global gold markets rose in October

Nov 09, 2023

1 3According to the Gold ETF commentary- WGC for October 2023, Key Takeaways are,

1: global gold ETF outflows continued in October but at a slower pace than September.

2: Rising yields drove outflows from Western funds, led by North America, while Asia and other regions experienced a positive month!

3: An incipient positive trend, however, started to form at the end of October most visibly in Europe. 4: Y-t-d, global gold ETF holdings have dropped by 6%, but total assets under management (AUM) have risen 3% thanks to the strong gold price performance.

The Gold ETF October outflows from physically-backed gold ETFs totalled US$2bn in October, the fifth consecutive monthly loss. Collective holdings reduced by 37t to 3,245t. But total AUM increased by 6% to US$209bn thanks to a 7% rise in the gold price during the month. And October’s gold price surge, mainly driven by geopolitical uncertainties, was the strongest since last November.

Y-t-d, global outflows summed to US$13bn, equivalent to a 225t fall in holdings. The majority of this loss comes from European funds, with North America the other major contributor.

The average daily trading volume across global gold markets rose to US$169bn/day in October, a 13% increase month over month (m/m). All market segments saw improved activity in the month amid rising safe-haven demand and the strong gold price performance. OTC trading activities saw an 11% m/m rebound and volumes of gold ETFs increased by 51%. Trading volumes of exchange-traded contracts were also 16% higher.

Gold ETF Holdings 2By the end of October gold futures net longs at the COMEX totalled 533t, 52% higher than September. And money manager net longs rose by 220t to 331t, a notable improvement compared to early October when they fell below zero.

Looking at the long term trends & following another reduction in October, losses in global gold ETF holdings amounted to 225t during the first ten months of the year, the second largest in history-2013’s 791t accumulative decline was the worst. By the end of the month, collective holdings of global gold ETFs stood at their lowest since March 2020 and 17% away from the historical high of 3,916t recorded in October 2020.

In October, weakness in low-cost gold ETFs extended for the fifth consecutive month, collectively shedding US$1bn (17t), led by European funds (-US$818mn, -14t). Y-t-d outflows across global low-cost funds piled to US$5bn (80t). During the period, low-cost funds in North America saw inflows of US$114mn (1t), while Europe accumulated net outflows of US$5bn (81t).

 

You May Also Like

Facebook Feeds

Cover for Heera Zhaveraat
98,161
Heera Zhaveraat

Heera Zhaveraat

Offical Facebook account of heerazhaveraat.com, homepage for Trade News, Articles and Promotion of D

This message is only visible to admins.
Problem displaying Facebook posts.
Click to show error
Error: No posts available for this Facebook ID

Twitter Feeds

hank you SriSriDurgaPooja Bengaluru team for the kind invitation. Blessed to witness Maa Durga Darshan at Bannappa Park, Cubbonpet. Wishing all a joyous Navratri, Durga Pooja & Dusshera. 🌸🙏
– Dr. Chetan Kumar Mehta, CMD, Laxmi Diamonds Bengaluru

hank you SriSriDurgaPooja Bengaluru team for the kind invitation. Blessed to witness Maa Durga Darshan at Bannappa Park, Cubbonpet. Wishing all a joyous Navratri, Durga Pooja & Dusshera. 🌸🙏
– Dr. Chetan Kumar Mehta, CMD, Laxmi Diamonds Bengaluru

The man. The myth. The legend. Immortalized in platinum—rare, resilient & timeless.
The MS Dhoni Signature Edition by Men of Platinum is a tribute to his legacy.
Explore: http://www.menofplatinum.com
#MSDhoni #MenofPlatinum #PlatinumJewellery #MSDhoniSignatureEdition

Save the Date! ✨ JGTD – Jewellery, Gem & Technology in Dubai
📅 Nov 11–13, 2025 | 📍Dubai Exhibition Centre
Discover world-class jewellery, gems & tech innovations.
👉 https://www.jgtdubaijewelleryshow.com/en?utm_source=link&utm_medium=social&utm_campaign=HZ_jgtd25

Load More

HZ is the Official Supporter of :

Member Of

Founder Member Of