LONDON (Reuters) -Gold funds received their largest weekly inflow on record in the week to Wednesday, Bank of America Global Research said in a note citing EPFR data, a week in which the precious metal’s price surged to a new record, before retreating sharply. Gold funds saw inflows of $8.7 billion in the week BofA said, putting […]
Business
Gold funds saw record weekly inflow as prices surged
Audio By Carbonatix
LONDON (Reuters) -Gold funds received their largest weekly inflow on record in the week to Wednesday, Bank of America Global Research said in a note citing EPFR data, a week in which the precious metal’s price surged to a new record, before retreating sharply.
Gold funds saw inflows of $8.7 billion in the week BofA said, putting the inflows over the last four months at $50 billion, larger than all inflows in the prior 14 years.
Gold spiked to a record of $4,381.21 per ounce on Monday before retreating as investors booked profits and momentum trades unwound. It was last at $4,092.60/oz.
(Reporting by Samuel Indyk, editing by Alun John)