The biggest banking crisis since the Great Financial Crisis of 2008 prompted investors to flee into gold last month, ending ten consecutive months of outflows, according to the latest report from the World Gold Council.
In its monthly ETF report, the WGC said 32 tonnes of precious metal, worth $1.9 billion, flowed in global gold-backed exchange-traded products in March.
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Looking at regional data, the report said that North American-based funds saw inflows of 12 tonnes last month, worth $806 million. At the same time, European funds saw inflows of 18 tonnes, valued at $927 million. Finally, the Asian ETF market saw inflows of 3 tonnes, worth $203 million.
Although March saw the gold ETF market sharply turn, demand last month wasn't enough to undo a relatively disappointing start to the year. The WGC said that gold-backed ETFs saw net outflows of 28.7 tonnes worth $1.5 billion in the first quarter of 2023.
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Gold ETFs see first inflows in 10 months as banking crisis sparks safe-haven buying
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