(Reuters) – Global physically-backed gold exchange-traded funds (ETFs) saw inflows for the sixth straight month in October, with year-to-date flows turning positive for the first time this year, the World Gold Council (WGC) said on Thursday.

Demand was supported by North American and Asian flows, the WGC added.

As geopolitical tensions rise and market uncertainties persist, investors have flocked to gold ETFs, which act as vaults of wealth, holding gold on behalf of investors and driving substantial demand for the precious metal.

Gold-backed ETFs attracted $4.3 billion of inflows in October to lift collective holdings to 3,244 tons, the WGC said.

After three years of outflows, driven by high interest rates, the past six months have seen a marked reversal.

Continued inflows and record gold prices lifted global assets under management to a month-end record of $286 billion in October, the WGC said in a note.

The WGC, an industry body grouping global gold miners, said North American gold demand was boosted by uncertainty around the U.S. presidential election.

The military escalation in the Middle East, along with reports of North Korean soldiers joining Russia in the Ukraine conflict, may also have driven increased demand for gold ETFs.

The WGC added that worldwide gold trading volumes edged higher, supported by over-the-counter (OTC) and ETF activities.

Bullion is poised to be one of 2024’s top-performing assets, with prices up 33% so far this year. The metal hit a record high of $2,790.15 per ounce on Oct. 31, fueled by the start of U.S. interest rate cuts and geopolitical tensions. [GOL/]

(Reporting by Anjana Anil and Sherin Elizabeth Varghese in Bengaluru; Editing by Mark Potter)