Nearly $774 million was pulled from GLD, the world’s largest gold ETF, last quarter and the ETF has lost $93.4 million to start October.
Ahead of the Indian festival Diwali, which arrives later this month, strategists see that seasonal factor as unlikely to boost gold demand despite depressed prices. That would mean another month of gold betraying a favorable seasonal catalyst. The yellow metal tumbled in September, which is usually the best month of the year for gold prices. India is the world’s second-largest gold consumer after China.
SPDR Gold Shares
ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of GLD.