Global gold holdings have expanded by more than 500 metric tons since bottoming in January in a signal of investors' rising concern about slowing growth, a Federal Reserve that's probably on hold, and the ructions caused by Britain's vote to quit the European Union.
Assets in bullion-backed exchange-traded funds rose 6.6 tons to 1,959.1 tons on Friday, up from 1,458.1 tons on Jan. 6, according to data compiled by Bloomberg. The holdings increased 37 tons last week as investors reacted to the U.K.'s vote, and swelled in five months out of six in the first half.
Bullion prices climbed to the highest level in more than two years in June as investors absorbed the implications of the U.K. result, adding to a rally that's been driven by the Fed's hesitation in raising borrowing costs and the spread of negative rates in Europe and Japan. Banks including Goldman Sachs Group Inc. raised their outlooks for gold after the vote, while yields on 10- and 30-year U.S. Treasuries have touched record lows. ...
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