August 7, 2018 / 1:29 PM / 2 years ago

Europe sees gold ETF outflows in July after 3 months of inflows -council

CHICAGO, Aug 7 (Reuters) - Gold-backed exchange-traded funds (ETFs) saw outflows in North America, Europe and Asia in July as a strong U.S. dollar helped weaken gold prices, the World Gold Council said on Tuesday.

Europe saw gold-backed ETF outflows of 8 tonnes worth $302 million after three consecutive months of inflows, the council’s data showed.

The greenback, in which gold is priced, increased as investors sought safe havens in the dollar and other assets as global trade tensions mounted, traders said.

Additionally, the expectation of higher U.S. interest rates made gold less attractive because the metal is a non interest-bearing asset.

Meanwhile, North American investors sold 25 tonnes of gold-backed ETFs worth $984 million, compared with outflows of 44.4 tonnes of worth $1.9 billion in June. (Reporting by Renita D. Young; editing by Jonathan Oatis)

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