Gold-backed exchange-traded funds (ETFs) experienced net inflows of $5.5 billion in August, according to the World Gold Council. This surge was primarily driven by North American and European investors, who contributed $4.1 billion and $1.9 billion, respectively, despite outflows from Asia. Gold prices rose 4% in August, reaching $3,429 per ounce, marking a 31% gain year-to-date. The increase in gold prices was supported by a weaker US dollar, ongoing geopolitical tensions, and expectations of a potential interest rate cut by the Federal Reserve. The positive momentum in gold prices has continued into early September, with gains recorded across all major currencies.