Investors pulled $1.06 billion from GLD in the second quarter. Year-to-date, the fund has seen $1.54 billion worth of outflows.

“Gold used in electronics continues to thrive due to enduring demand for smartphones, games consoles and automotive electronics,” said the WGC. “Stronger demand in China and Iran – fuelled by increasing geopolitical tensions with the US – were offset by falls in Turkey, India and Europe, where local prices remained elevated.”

Global central banks bought 89.4 tonnes of gold in the second quarter, down 7% year-over-year, but gold buying by central banks in the first half of 2018 was the highest since 2015, according to the WGC.

For more information on the gold market, visit our gold category.

Tom Lydon’s clients own shares of GLD.