Gold has regained its place as the safe-haven asset of choice on the back of rising global economic uncertainties and a weak dollar. Spot gold has surged 18% since the start of the year, climbing above US$1,300 per troy ounce for the first time in over a year at the start of this month. Exchange traded funds have benefited as a result. Inflows into gold ETFs totalled US$12bn to the end of April, taking assets under management in the instruments to US$74bn, according to BlackRock data. Assets in the SPDR Gold Trust ETF (GLD), the world's largest gold fund, currently stand at US$35bn, up from US$20bn at the start of the year, as investors have come back into the listed product at their fastest rate in seven years. The stock has gained more than 20% since the start of the year.
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