Market volatility spiked gold in February - WGC Report
Gold is a hot commodity as the world markets cool.
Global gold-backed exchange-traded funds (ETFs) had $4.9 billion or 84.5 tonnes of net inflows in February. That boots holdings to new all-time highs of 3,033 tonnes, the World Gold Council (WGC) reported Thursday.
Combined with a gold price increase of nearly 2%, assets under management (AUM) grew by 4.4% during the month, topping the previous September 2012 record high, according to the WGC.
At that time, the gold price was 10% higher than current levels, highlighting two trends: The global growth in gold ETFs outside of the US; and that US investors have not yet increased their gold allocations as much as they did in 2012.
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