Friday, February 28, 2014
World's biggest gold ETF eyes first monthly inflow in over a year
The world's largest gold-backed exchange-traded fund, New York's SPDR Gold Shares, is on track for its first monthly inflow of metal in more than a year after a run of weaker U.S. data boosted investment interest in gold.
The SPDR fund, which issues securities backed by physical metal and attracted big inflows in the wake of the financial crisis, has added 10.5 tonnes to its reserves so far this month.
That means that, barring a large outflow on Friday, February would be the first month to show an increase since December 2012.
Last year holdings of gold-backed ETFs fell by 881 tonnes, according to data from the World Gold Council and Thomson Reuters GMFS, as gold prices tumbled 28 percent. The SPDR alone saw its holdings drop by more than 550 tonnes.