Our Gold ETF Commentary series provides monthly insights into physically backed gold ETF flows, tracking changes in holdings (tonnes) and fund flows (USD). Each report offers regional flow analysis, market context, and relevant indicators such as gold trading volumes and positioning data to help explain shifts in investor behaviour. With timely data and expert analysis, the series is a key resource for monitoring investment demand for gold.
Flows surge despite price pullback
Global physically backed gold ETFs posted a record month in January, attracting US$18.7bn as all regions reported positive flows. North America (+US$6.8bn) and Asia (+US$9.6bn) led global demand: Asia marking its strongest month ever and accounting for over half of global inflows.
December caps off a record year
Global physically backed gold ETFs extended their inflow streak to seven months, adding US$10bn in December – all regions experienced inflows with North America (+US$6bn) and Asia (+US$2.5bn) taking the charge.
Asia takes the helm
Global physically backed gold ETFs saw inflows six months in a row, adding US$5.2bn in November. Asian investors (+US$3.2bn) bought the most whilst North America (+US$1.1bn) and Europe (US$978mn) also experienced positive flows. Persistent inflows and a rising gold price pushed global gold ETFs’ total AUM to another month-end peak of US$530bn, 5% higher m/m. Continued gold ETF buying also pushed their collective holdings to 3,932t, the highest month-end value on record.
Flows rise from Wall Street to the Bund
Global physically backed gold ETFs added US$8.2bn in October, the fifth consecutive monthly inflow. North America (+US$6.5bn) and Asia (US$+6.1bn) led global inflows, while European funds lost US$4.5bn, the only region with outflows in the month. Continued inflows and gold price strength lifted global gold ETFs’ total AUM 6% higher m/m to US$503bn, another month-end peak, and holdings climbed 1% m/m to 3,893t, 1% away from the record level of 3,929t.
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.
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.
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