Gold ETF Commentary

Global physically backed gold ETFs attracted US$18bn in August, marking the second-largest monthly inflow on record. Demand was driven primarily by North American- and European-listed funds, helping lift global gold ETF AUM by 16% to US$615bn while holdings rose 121t to a record 4,189t.

Global physically backed gold ETFs attracted US$3bn of inflows in July, reversing two consecutive months of outflows. Demand was broad-based across all regions, led by Europe, while positive flows and a higher gold price lifted total global gold ETF AUM by 1% to US$530bn. Collective holdings rose by 23t to 4,068t.

Global physically backed gold ETFs recorded sizeable outflows of US$8.9bn in June, led by North America, reducing H1 net inflows to US$8bn. Despite the June setback, Asia posted its strongest H1 on record, attracting US$12bn, while North America was the only region to see outflows during H1 (-US$7.7bn).

Global physically backed gold ETFs saw modest outflows in May, shedding US$2bn as investors remained largely sidelined. Europe was the only region to record inflows (+US$334mn), while Asia (-US$1.2bn) and North America (-US$1.1bn) led outflows. The May decline pushed global gold ETFs’ total AUM 2% lower in the month to US$604bn. Meanwhile, holdings edged down to 4,121t, remaining just below the February peak of 4,176t.

Global physically backed gold ETFs returned to inflows in April, adding US$6.6bn. All regions contributed, led by Europe (+US$3.7bn), with Asia (+US$1.8bn) and North America (+US$1bn) also recording notable inflows. Inflows into funds listed in other regions totalled US$106mn.

Global physically backed gold ETFs saw a sharp reversal in March, recording record outflows of US$12bn, which halved Q1 inflows to US$12bn. Heavy selling was concentrated in North America, while European flows softened as the gold price fell mid‑month.

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Global physically backed gold ETFs saw another solid month in February, adding US$5.3bn – cementing the strongest two‑month start on record. North America led inflows (+US$4.7bn), Asia stayed firm (+US$2.3bn), while Europe (-US$1.8bn) lagged amid early‑month redemptions linked to the late-January precious metals sell-off.