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Data: Investing.com; Chart: Axios Visuals

Gold-backed ETF holdings have risen to the highest level since early 2013, with June showing the largest inflows in more than 3 years, data from the World Gold Council's June report shows.

What's happening: Investors have flocked to gold as expectations have risen for the Fed to lower interest rates, which is expected to push down the value of the dollar, and as continued global uncertainty has sent money into safe-haven assets.

  • Gold-backed ETF assets under management grew 15% last month, the largest monthly increase in 7 years, with flows from North America, Europe and Asia all rising during the month.

What they're saying: The last time gold ETFs saw this level of inflows gold was trading for $1,600 an ounce, 14% higher than its current level,Juan Carlos Artigas, director of research at World Gold Council, tells Axios.

  • "It was a combination of both tactical and strategic investors building positions."

Go deeper: China's central bank buys gold for 6th straight month

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