Investors rattled by the growing global trade war flocked to gold-backed exchange-traded funds in the first quarter, with inflows propelling bullion’s 19% rally in the three-month period, according to the World Gold Council.
Investors added about 227 tons of bullion to gold ETFs in the first quarter, the most since 2022, according to the data gathered by the industry group representing gold miners. The inflows were a key driver in pushing prices to repeated record highs through the quarter, on its path to an all-time high above $3,500 an ounce on April 22.