Gold ETFs experienced hefty outflows in June as the U.S. dollar strengthened and more traders sought safety in U.S. Treasuries on mounting global tensions.
According to the World Gold Council, gold-backed ETFs experienced outflows in North America and Asia but saw inflows in Europe over June, Reuters reports.
North American investors dumped 44.4 metric tons of gold-backed ETFs worth $1.9 billion, compared with outflows of nearly 30 metric worth $1.2 billion in May.
The SPDR Gold Shares (NYSEArca: GLD), the largest gold-related ETF, saw $1.1 billion in net outflows over June.
Gold has traditionally acted as a safe harbor for investors to park their cash in times of turmoil. However, traders ignored the gold safe haven play this time around.