June inflows boost H1 strength

A positive June pushed global physically backed gold ETFs’ inflows during the first half to US$38bn, the strongest semi-annual performance since H1 2020. Total AUM surged 41% to US$383bn, while holdings increased by 397t to 3,616t. 

Momentum eases in May

Global gold ETF flows flipped negative in May (-US$1.8bn): North America (-US$1.5bn) and Asia (-US$489mn) led outflows while Europe witnessed inflows (+US$225mn). Global gold ETFs’ total AUM fell 1% to US$374bn amid the May outflow. Meanwhile, holdings lowered by 19t to 3,541t. Global gold market liquidity remained elevated despite a m/m fall.

Gold: an HQLA in all but name

In recent months, amid trade policy uncertainty, financial markets experienced a decidedly volatile period marked by sharp declines in stock prices. Against this backdrop, gold showed itself to be a highly liquid and orderly market that mitigates market risk in a manner often associated with High-Quality Liquid Assets (HQLAs). During this period, gold’s volatility, bid-ask spreads, and trading volumes were equivalent to and, in some cases, better than intermediate and long-term US Treasuries.

Why gold in 2025? A cross-asset perspective

As we entered 2025, expectations for the US economy were at their highest compared to the previous two years and there was widespread belief that strong growth and significant asset-price increases would continue in 2025. Investors are now growing increasingly concerned over the growth and inflation outlook, both at the US and global levels, from the fallout of the ongoing trade war.

Asia erupts as global momentum builds

Global physically backed gold ETFs saw strong inflows of US$8.6bn (92t) in March, bringing Q1 totals to US$21bn (226t)—the second strongest quarter on record. North America and Europe drove 83% of net inflows in the quarter. Boosted by rising gold prices and strong inflows, global AUM hit a record US$345bn, with holdings (3,445t) reaching their highest level since May 2023.

Gold Demand Trends: Q1 2025

A sharp upsurge in gold ETF investment, along with elevated bar and coin buying, drove total Q1 gold demand to 1,206t - its highest for a first quarter since 2016. Jewellery consumption was contrastingly weak as the gold price hit successive new record highs during the quarter.

Global flows stay hot

Global physically backed gold ETFs saw strong inflows of US$8.6bn (92t) in March, bringing Q1 totals to US$21bn (226t)—the second strongest quarter on record. North America and Europe drove 83% of net inflows in the quarter. Boosted by rising gold prices and strong inflows, global AUM hit a record US$345bn, with holdings (3,445t) reaching their highest level since May 2023.

Gold Market Commentary: When the wells run dry

Looking back: A stronger euro and tariff fears edged gold to new highs once again in March. Looking ahead: fiscal and monetary support may be receding, and the timing isn’t great for risk assets given the liberation day turmoil. But gold could benefit further and despite a strong rally, fundamentals remain solid.

US leads multiyear record inflows

Global physically-backed gold ETFs reported their third consecutive month of inflows in February, totaling US$9.4bn, the strongest since March 2022. North American flows flipped positive, recording one of its strongest months on record. European inflows narrowed, while Asia registered strong demand. The total assets under management (AUM) rose to US$306bn, another month-end peak. 

Europe sees largest inflow in years

Gold ETFs kicked 2025 off with a strong start: all regions saw inflows during January except North America. Europe dominated inflows, marking the strongest month since March 2022. Continued inflows and a record-breaking gold price sent total assets under management to US$294bn, another month-end peak.