85 tonnes of gold flowed out of ETFs in February as prices fell: WGC

The amount of gold held by exchange traded funds (ETFs) fell by 84.7 tonnes worth $4.6 billion in February as rising bond yields reduced interest in bullion, the World Gold Council (WGC) said on Thursday.

ETFs storing gold for shareholders grew rapidly during the coronavirus crisis as investors amassed what they saw as a safe asset and central banks flooded markets with money, lowering bond yields and making non-yielding gold more attractive.

Investor stockpiling drove gold to a record high of $2,072.50 an ounce in August, but prices fell as markets began to anticipate economic recovery and US