Commerzbank: ETF holdings still rising; 'brisk demand' for gold as safe haven

London (June 23)  Holdings of gold by the world’s exchange-traded funds keeps rising, with concerns about further increases in COVID-19 cases around the world generating uncertainty and thus creating “brisk demand” for the precious metal as a safe haven, said Commerzbank analyst Carsten Fritsch. “The gold ETFs tracked by Bloomberg saw inflows of six tons again yesterday,” he said. “These again largely took place in the SPDR Gold Trust that is used primarily by institutional investors. Its holdings have meanwhile reached 37.5 million ounces, i.e. 1,166 tons – their highest level since April 2013. The SPDR Gold Trust has seen inflows of 258 tons of gold within three months.”

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