Under Gold Market's Hood, Global Tensions Prompt a Surge in ETFs
- Holdings post the 3rd straight quarterly gain this year
- Stand-off between the U.S. and North Korea provides support
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Gold prices may have had a lousy month, dropping by the most this year on a resurgent dollar, but holdings in exchange-traded funds have jumped, with the worldwide total rising to the highest level since November.
The numbers spell out the different paths. Spot bullion sank 2.9 percent in September, and on Friday slipped 0.4 percent to $1,282.55 an ounce at 3:30 p.m. in New York. Meanwhile, holdings in gold-backed ETFs expanded 2.4 percent to 2,154.9 metric tons. They are up for the third straight quarter and well on the way back to last year’s peak when Donald Trump won the White House.