Rally in equities, dollar sparks 1% net outflow in global gold ETFs

The decline in gold prices also pushed investors to reduce holdings in ETFs

Gold-backed global exchange trade funds (ETFs) witnessed net outflow of 1 per cent in November, on account of a sharp appreciation in the dollar and increasing investor interest in equity markets.

Data compiled by the World Gold Council (WGC) showed total outflow of 30.1 tonnes (worth $1.3 billion) from global ETFs in November, marking a reversal from five months of continuous inflows that had led to a record holding in October.

A report published by the WGC said: “In November, North American funds led regional outflows, losing 17.3 tonnes ($731 million, 1.1 per cent of assets under management or AUM), as the