[Provided by NH-Amundi Asset Management]
[Provided by NH-Amundi Asset Management]

NH-Amundi Asset Management announced Thursday that its HANARO Global Gold Mining ETF posted the highest one-month return among gold-related ETFs listed on the domestic market.

According to Korea Exchange, the ETF recorded a one-month return of 18.59% as of Tuesday, the highest among domestically listed gold-related ETFs. The figure also outpaced the 10.73% rise in international gold prices over the same period.

The HANARO Global Gold Mining ETF invests in shares of global gold mining companies, including Newmont, Agnico Eagle Mines and Barrick Mining. Because the fund invests in mining company shares rather than gold futures or spot gold, its returns are amplified during periods of rising gold prices.

Mining companies carry largely fixed costs — labor and energy expenses among them — while the price at which they sell gold fluctuates with market conditions. As a result, profit growth accelerates as gold prices rise.

Gold prices have climbed notably since the start of August, with a weaker dollar cited as the main driver. Because gold is priced in dollars on international markets, a decline in the dollar's value typically pushes gold prices higher. On July 31, the United States and Japan jointly intervened in foreign exchange markets for the first time in roughly 30 years, buying yen by selling dollars — a move that added to downward pressure on the greenback.

Demand from China is also supporting prices. The People's Bank of China officially purchased an additional 20 metric tons of gold last month, marking its largest monthly purchase since October 2023. China has added 60 metric tons so far this year, bringing its total gold holdings to 2,366 metric tons.

"Structural shifts in the gold market — including global geopolitical fragmentation, a weaker dollar and expanding central bank gold purchases — continue to play out," said Kim Seung-cheol, head of the ETF investment division at NH-Amundi Asset Management. "Investing in gold mining companies offers not only the benefit of rising safe-haven asset values but also the potential for excess returns through a leverage effect."

NH-Amundi Asset Management is a global joint venture asset manager established in 2003 by South Korea's Nonghyup (NH) and France's Crédit Agricole (CA), based on a shared cooperative spirit. As of last April, the firm's total assets under management surpassed 100 trillion won ($71.3 billion), up roughly 30 trillion won from a year earlier. The growth reflects balanced expansion across all asset classes, including shares, bonds and ETFs.


jiyun@heraldcorp.com