Friday, May 2nd 03:35 PM IST

Global Gold, Silver ETFs see outflows in April

# COMEX Gold  

Global gold and silver exchange-traded funds saw outflows of 641,000 ounces and 5.15 million ounces respectively in April this year, said Swiss based UBS.

NEW YORK (Bullion Street): Global gold and silver exchange-traded funds saw outflows of 641,000 ounces and 5.15 million ounces respectively in April this year, said Swiss based UBS.

“This marks an altered course from the buying of 261,000 ounces and 462,000 ounces in February and March respectively and the first month of selling since January's 901,000-ounce outflow,” UBS added.

According to UBS, selling was very prevalent during the first three weeks of April. Small inflows followed, but on Wednesday, 134,000 ounces were sold out of the SPDR Gold Trust ETF (GLD).

“This in fact was the largest daily liquidation volume in April and suggests that gold is vulnerable to further outflows in May if the macro data isn't supportive,” they added.

UBS also mentioned that silver ETFs saw outflows of 5.15 million ounces, its firstly month of selling since December.

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