NEW YORK (Scrap Register): Investors are continuing to buy gold in the form of ETFs, according to Bloomberg, which estimates that there were 14.4 tons added to gold-backed exchange-traded funds on Friday.
This marks the biggest advance since December 26, pushing the total holdings to 2,253.20 tons — the highest since April 2013, said BMO Global Commodities Research analyst Colin Hamilton.
“Friday’s … addition was the highest single day inflow thus far in 2019. We expect further inflows through February, as we head towards a period in March with considerable macroeconomic events with uncertain outcomes,” he added.
Central banks around the world are also continuing to add gold to their reserves. The latest IMF release shows Kazakhstan, Brazil, India and Russia all having additional purchases in November, Hamilton noted.