The World Gold Council (WGC) stated in a latest update that global gold ETFs drew net inflows of 35.3t (US$2.1bn, 1.0% of AUM) in February. Positive flows were almost evenly split between North American and European funds, continuing the year-to-date growth in Western markets and considerably outweighing outflows from Asia. Global net inflows were driven by stubbornly high inflation and a surge in geopolitical risk on the back of the Russian invasion of Ukraine, which pushed the gold price to an intra-month high of US$1,936/oz.
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