World’s biggest gold ETF halts record run

The world’s largest gold exchange-traded fund is seeing withdrawals after a ferocious run.

Traders pulled cash from the $79 billion SPDR Gold Shares for a third straight week, following eight consecutive months of inflows, according to data compiled by Bloomberg. After luring almost $20 billion this year, GLD still ranks second among ETFs and is up about 30 per cent. The coronavirus pandemic and uncertainties about global growth have sparked demand for gold as a store of value. Unprecedented economic stimulus from governments and central banks has also raised the spectre of inflation, adding to bullion’s appeal. Yet the rally has shown signs of losing momentum as economies reopen, eroding demand for haven assets.