Heraeus: Gold ETF Holdings Reach Annual Peak of 101.3 Million Ounces
Heraeus noted that gold exchange-traded fund holdings tracked by Bloomberg reached a yearly peak of 101.3 million ounces on October 8 despite declining prices.
Heraeus stated that gold ETF holdings tracked by Bloomberg reached an annual peak of 101.3 million ounces on October 8, according to an overnight summary published by Guardian Gold Australia.
This came despite falling gold prices, indicating continued institutional demand for the metal as a safe haven during a period of market volatility.
Gold was trading at $4,142 per ounce as of 9:00 AM Australian Eastern Standard Time, after closing in New York at $4,138.60, down $25.50.
The report noted that Federal Reserve Chairman Kevin Warsh gave no indication of an October rate hike, leaving the decision of the upcoming meeting a key focus for market expectations.
What Do These Terms Mean?
Exchange-Traded Fund (ETF): An investment fund traded on a stock exchange like stocks that tracks the price of a commodity such as gold.
Holdings: The actual physical quantity of gold owned by the fund on behalf of its investors.
Ounce: A unit of weight for precious metals equal to approximately 31.1 grams, with gold priced globally per ounce.
Federal Reserve: The U.S. central bank responsible for monetary policy and interest rates.
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