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.
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.
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.
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.
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.
First positive December since 2019
Gold ETFs booked their first annual inflow in four years, and in December recorded US$778mn in inflows, due to increased demand in Asia and Europe. Global gold ETF inflows pushed total AUM to a record high US$271bn, while collective holdings fell slightly (-0.2%) in 2024.
November sees outflows again
Global physically backed gold ETFs reported a net loss for the first time in six months, losing US$2.1bn in November. Europe led outflows while North America recorded its fifth consecutive monthly inflow - albeit a smaller one - and stood as the only region to report positive flows during the month.
North America inflows go four-for-four
Global gold ETFs saw their sixth consecutive monthly inflow in October, adding US$4.3bn during the month. North America and Asia led global inflows while European remained the only region with outflows. October flipped y-t-d gold ETF demand to the positive territory (+18t) and pushed inflows during the first ten months of 2024 to US$4.7bn.
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