exchangetraded funds etfs backed by physical gold continued to record inflows in april latest data from the world gold council wgc showed net inflows totalled 824 million while holdings increased by 15 tonnes the body noted global funds held a total of 3459 tonnes of the yellow metal as of the end of last month following two successive monthly inflows total assets under management in goldbacked etfs rose 1 to 221 billion by the end of april however the wgc noted that gold etf demand remained negative for the first four months of 2023 with holdings falling 13 tonnes net outflows stood at an aggregate 654 million due to heavy outflows in europe during january and february the wgc noted that investor demand remained weak in europe last month too whilst all other regions recording inflows north american funds attracted inflows of 984 million in april with holdings rising 15 tonnes to take the total to 1753 tonnes the wgc commented that weakerthanexpected economic data worsened investors’ recession fears supressing treasury yields and lifting safehaven demand for gold it added that the positive gold price performance during the month may have also contributed bullion prices increased fractionally in april but rose to its more expensive in more than a year at 2048 per ounce in the process in europe the world’s secondbiggest gold etf market net outflows came in at 223 million or 07 tonnes total holdings stood at 1525 tonnes at the end of the month the wgc commented that with the region’s core inflation remaining stubbornly high and financial markets sharing banking sector woes investors anticipate further rate hikes from local central banks and this may have lessened their interest in gold etfs looking further afield etfs in asia added 01 tonnes or 14 million last month outflows in china continued but these were offset by inflows in japanese and indian funds asian funds held 118 tonnes of the yellow metal at the end of april the wgc said total funds in australia south africa turkey saudi arabia and the united arab emirates registered a 49 million or 1 tonne inflow last month this was entirely thanks to turkey where the wgc said that political uncertainties continued currency weakness and elevated inflation all lifted investor interest