LONDON, Aug 31 (Reuters) - ETF Securities said on Monday the amount of bullion it holds to back its three gold exchange traded commodities rose 6.1 percent in the week to August 28.
The three ETCs — Gold Bullion Securities (GBSx.L), ETFS Physical Gold (PHAU.L), and a small Australian fund — held 7.989 million ounces of bullion on Friday, against 7.530 million ounces on August 21.
In the same week holdings of the company’s Physical Palladium fund (PHPD.L) rose 3.5 percent to a record 389,941 ounces, against 376,883 ounces the previous Friday.
ETCs issue securities backed by physical stocks of a given commodity. Buying of precious metals to back ETCs and similar products has formed a major plank of demand in recent years.
Reporting by Jan Harvey; Editing by William Hardy