85 tonnes of gold flowed out of ETFs in February as prices fell: WGC

The amount of gold held by (ETFs) fell by 84.7 tonnes worth $4.6 billion in February as rising bond yields reduced interest in bullion, the World Gold Council (WGC) said on Thursday.

storing gold for shareholders grew rapidly during the coronavirus crisis as investors amassed what they saw as a safe asset and central banks flooded with money, lowering bond yields and making non-yielding gold more attractive.

Investor stockpiling drove gold to a record high of $2,072.50 an ounce in August, but prices fell as began to anticipate economic recovery and US bond yields rose.

Gold-backed saw large outflows in November and December and a small inflow in January. By the end of February they held 3,681 tonnes worth $207 billion, the WGC said.

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