High inflows into Gold ETFs, especially in North America – Commerzbank

The Gold market rally is also being driven by strong buying interest from ETF investors, Commerzbank's commodity analyst Barbara Lambrecht notes.

In USD, holdings are already almost twice as high as the 2020 high

"According to the World Gold Council, record inflows were recorded in September. Undoubtedly, the high nominal figures are also due to record prices. But with net inflows of over 145 tons, September was still the eleventh strongest month since ETFs were launched in spring 2004, i.e. in over 250 months."

"Strong buying interest is particularly evident in North America, where the weak US dollar may play a role. The US accounted for just under 90 tons, representing over 60% of purchases; inflows in Europe were less than half that amount."

"Gold ETF holdings stood at just under 3,840 tons at the end of September, which is still just under 70 tons short of the peak in October 2020. In US dollars, holdings are already almost twice as high as the 2020 high, which, incidentally, had already been reached in US dollars in July 2020."