Market News
Gold Climbs as Bullion-Backed ETFs Add to Holdings This Year - BLOOMBERG
BY Yihui Xie and Jack Ryan
(Bloomberg) -- Gold advanced as bullion-backed exchange-traded funds continued to see big inflows.
Bullion traded around $3,020 an ounce, less than $40 shy of the record high reached last week. Gold-backed ETFs have added about 154 tons so far this year, according to data collected by Bloomberg.
Gold-backed ETFs have seen persistent outflows over the last four years, as high interest rates made holding cash rather than gold more appealing for Western investors. That trend has reversed this year, giving support to prices.
Bullion has rallied 15% this year as an escalating trade war rattles markets, fueling haven demand.
Spot gold rose 0.3% to $3,021.31 an ounce as of 11:18 a.m. in New York, snapping three days of losses. The Bloomberg Dollar Spot Index fell 0.2%. Silver, platinum and palladium all advanced.
--With assistance from Yvonne Yue Li.
