LONDON, Oct 8 Reuters Global physically backed gold exchangetraded funds ETFs registered a fifth consecutive month of inflows in September as North Americalisted funds added to their holdings, the World Gold Council WGC said on Tuesday.

Gold ETFs store bullion for investors and account for a significant amount of investment demand for the precious metal that touched a record high of 2,685.42 an ounce on Sept. 26, buoyed by the start of U.S. interest rate cuts.

After three consecutive years of outflows against a backdrop of high interest rates, the past five months have turned yeartodate net flows in dollar terms to a positive 389 million.

Gold ETFs registered inflows of 18.4 metric tons, or 1.4 billion, in September to lift collective holdings to 3,200 tons, the WGC said in a research note.

A stronger gold price and recent inflows pushed total assets under management to a monthend peak of 270.9 billion in September.

The WGC, and industry body grouping global gold miners, estimates that worldwide gold trading volumes rose in September by 7 month on month to 259 billion a day while average trading volumes in the overthecounter OTC market added 10 to 176 billion.

With the gold price up 28 this year and the prospect of future U.S. rate cuts, speculators increased their total net long position on COMEX by 6 from August to 976 tons by the end of September, the highest level since February 2020.

Reporting by Polina Devitt Editing by David Goodman

Source Reuters