European investors bought a net €7.6bn worth of ETFs in April. While global and US large-cap strategies continued to bring in the big bucks, gold ETFs were feeling the pressure.

Morningstar’s Commodities – Precious Metals category recorded net outflows of €3.6bn, the vast majority of which were from gold ETFs.

Some of the worst hit strategies were Inveso and Amundi’s physical gold ETCs, which suffered redemptions of €659m and €501m, respectively. Silver strategies also featured heavily among ther most sold products.