Tokyo signals readiness to act as yen nears 10-month low
14 minutes ago
South Korean retail investors have poured into gold exchange-traded funds this month, seeking refuge from sharp swings in the equity market, according to industry data released on November 20, the Korean Yonhap News Agency has said.
Figures from Yonhap Infomax show that individuals bought a net KRW5.4 trillion ($3.7bn) of ACE KRX Gold Spot ETFs between November 3 and November 19. The product, launched in 2021, tracks the KRX Gold Spot Index compiled by the Korea Exchange and is the longest-established of the five gold-linked ETFs listed domestically.
Retail investors were net buyers on all but one of the 13 trading days during the period, briefly turning sellers on November 18, with net outflows of KRW93.4bn.
Analysts said the flight to gold reflects renewed anxiety in the stock market, which has repeatedly fallen more than 3% in recent weeks amid fears of an emerging artificial intelligence bubble, Yonhap adds. Gold, often viewed as a haven during periods of financial stress, has gained favour as investors look to shield their portfolios.
Expectations that the US Federal Reserve will maintain a dovish stance next year have also buoyed demand for bullion-related assets. Hwang Byeong-jin, an analyst at NH Investment & Securities, said the American economy faces “multiple headwinds”, including a fragile labour market and persistent inflation pressures.
Related Content
News
Tokyo signals readiness to act as yen nears 10-month low
Japan’s finance minister, Satsuki Katayama, has signalled that the government is prepared to step into the foreign-exchange market as the yen edges towards its weakest level in nearly ten months.
Text of US 28-point Russia-Ukraine war peace plan released
The full text of the US-Russian 28-point peace plan was released on November 20 that the White House hopes will bring the war in Ukraine to an end.
India shifts defence posture with US weapons
India's defence realignment has advanced after the US cleared two precision weapons packages worth about $92.8mn. The approvals cover anti-tank missiles and guided artillery rounds.
Colombia walks back support for Maduro exit strategy
Colombia's foreign ministry denied support for a Venezuelan transition plan, hours after Foreign Minister Rosa Villavicencio suggested Bogota would favour Maduro handing power to a transitional council.
Two more opposition mayors join Turkey’s ruling AKP
Serial defector attempts to kiss Erdogan's hand.
Most Read
-
India’s smart metering push gains momentum
4 months ago
-
US expands oil sanctions on Russia
25 days ago
-
India’s smart metering push gains momentum
4 months ago