“Demand for H1 2017 was down 14% compared to last year, but in some respects the market was in better shape. Last year’s growth was solely down to record ETF inflows, while consumer demand slumped. So far this year we have seen steady ETF inflows in Europe and the US, jewelry demand has recovered with good growth in India, while retail investment and technology demand is up too,” Alistair Hewitt, Head of Market Intelligence at the World Gold Council, said in a note.

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Lower fees are “part of the reason iShares Gold has attracted investors into its ETF at a time when its biggest rival, SPDR Gold, saw a monthly outflow of $2.4 billion in July. That was the largest redemption since 2013, when the metal was languishing in a bear market. SPDR Gold charges a fee of 40 basis points of the net asset value. IShares Gold has an expense ratio of 25 basis points,” according to Bloomberg.

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Tom Lydon’s clients own shares of GLD.