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Investing.com -- Last week, physically backed gold exchange-traded funds (ETFs) recorded their largest weekly inflow since March 2022, according to data released by the World Gold Council (WGC) on Monday. Gold ETFs, which store bullion for investors and represent a significant portion of investment demand for the precious metal, saw an inflow of 52.4 metric tons worth $5 billion.
This surge in investment comes as the price of the precious metal reached a record high of $2,956.15 per troy ounce on Monday. The inflow marks a notable increase from the first week of March 2022, a period during which global markets were struggling with the immediate fallout from Russia’s invasion of Ukraine.
The increase in investment led to a 1.6% rise in total holdings, bringing the figure to 3,326.3 tons. This represents the highest level since August 2023. U.S.-listed funds were at the forefront of this inflow, accounting for 48.7 tons. This is a significant turnaround from January when these funds experienced an outflow of 6.3 tons.
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