Featured Report
Clone of Gold Demand Trends: Q3 2025
Quarterly gold demand rose to a record in tandem with the price. Growth was primarily from accelerating investment demand, which accelerated on a powerful combination of safe haven buying in an uncertain geopolitical environment, US dollar weakness and investor “FOMO” as the price continued to climb.
Gold Demand Trends: Q3 2025
Quarterly gold demand rose to a record in tandem with the price. Growth was primarily from accelerating investment demand, which accelerated on a powerful combination of safe haven buying in an uncertain geopolitical environment, US dollar weakness and investor “FOMO” as the price continued to climb.
West won’t rest – Q3 breaks records
Global physically backed gold ETFs recorded their largest monthly inflow in September (US$17bn), resulting in the strongest quarter on record of US$26bn. North American (US$10.6bn) and European funds (US$4.4bn) drove the bulk of inflows. Followed by Asia (US$2.1bn) and other regions (US$175mn). Supported by a rallying gold price, global gold ETFs’ total AUM rose 23% q/q to US$472bn, reaching another record, and holdings rose 6% q/q to 3,838t.
Risks channel August inflows West
Global physically backed gold ETFs saw inflows three months in a row, adding US$5.5bn in August. North American and European funds led inflows while Asia experienced continued outflows. Supported by continued inflows and a higher gold price, global gold ETFs’ total AUM rose 5% to US$407bn, another month-end record. Meanwhile, holdings rebounded 53t to 3,692t.
US and Europe anchor July inflows
Global physically backed gold ETFs saw continued inflows, adding US$3.2bn in July, mainly from North America and Europe. Continued inflows and a higher gold price pushed global gold ETFs’ total AUM 1% higher to US$386bn whilst holdings rose by 23t to 3,639t.
US Gold Demand Trends Q2 2025
US demand fell 34% q/q to 124t, but the decline was partially offset by strong gold-backed ETF demand. NA ETF inflows reached $21bn in H1 and are currently on pace for their second strongest year on record. Bullion exports started the year off strong with the US exporting ~268t through May, and are on pace to surpass 2024 volumes.
Gold Demand Trends: Q2 2025
A second quarter of significant investment in gold-backed ETFs, along with elevated bar and coin buying, drove total Q2 gold demand up 3% y/y to 1,249t. Meanwhile, jewellery consumption weakened further in the face of record gold prices.
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.
