World Gold Council: Gold ETFs attracted $5.5 billion in August, with Asian outflows unable to stop European and American buying

PANews reported on September 4th that the World Gold Council reported that, driven by a strong rebound at the end of August, gold prices hit $3,429 per ounce, a 4% monthly increase. As of the end of August, gold's year-to-date gain had reached 31%. Despite a significant weakening of the US dollar, gold prices rose in all major currencies. This positive momentum continued into early September. The main factors behind the August gold price increase included a weaker US dollar at the beginning of the month, ongoing geopolitical tensions, and continued inflows into global gold-backed exchange-traded funds (ETFs). The increasing probability of a September interest rate cut by the Federal Reserve also supported gold prices. Gold-backed ETFs saw net inflows of $5.5 billion for the month, primarily from North America ($4.1 billion) and Europe ($1.9 billion), while Asia and other regions saw outflows.