GLD currently resides 7% below its 200-day moving average and more than 12% below its 52-week high. The benchmark gold ETF is lower by more than 8% year-to-date.
“Funds listed in China saw net gains as investors hedged trade risks and currency weakness,” the WGC said in its report, notes Kitco. “Flows in Europe were mostly flat. Global outflows were led by North American funds … driven by a combination of momentum – as the U.S. dollar gold price fell by more than 2% for the month – and a risk-on appetite by U.S. investors in the face of an expanding economy.”
For the week ended Sept. 5th, investors pulled $500.50 million from GLD. Year-to-date, the gold fund has seen outflows of $3.46 billion.
For more information on the gold market, visit our gold category.
Tom Lydon’s clients own shares of GLD.