Gold ETF Flows: April 2025

Highlights

• Asia flows surged and North America also saw robust demand, while Europe witnessed mild outflows.
• The strongest inflow since March 2022 and the continued gold price surge pushed global gold ETFs’ AUM to US$379bn, 10% higher in the month.
• Global gold trading volumes rose significantly across all markets.

April in review

Global physically backed gold ETFs¹ added US$11bn in April, extending their inflow streak to five months (Table 1)². Supported by a higher gold price and continued inflows, global gold ETFs’ total assets under management (AUM) reached another month-end high of US$379bn. Meanwhile, holdings surged 115t to 3,561t, the highest since August 2022 and yet still 10% below the month-end peak of 3,915t in October 2020.

Asia led inflows, accounting for 65% of the net global total – their strongest month on record. North American demand was also sizable while European flows flipped negative. Other regions continued to experience positive demand, albeit only mildly.

Regional overview

Asia experienced record breaking inflows during April, adding US$7.3bn, the strongest ever. The bulk of the demand came from China (Table 2), marking the third consecutive month of inflows and the strongest on record for the region. And more impressively, the April inflows have now surpassed those in Q1 and in full year 2024. In addition to the continued local gold price surge, demand was also driven by:

• The ongoing trade dispute with the US, which has raised fears of weaker growth, amplified equity volatility, and intensified expectations of the local currency depreciation
• Lower government bond yields, amid rising rate cut anticipations.

Global trade risks and the gold price surge also boosted gold ETF demand in Japan, their seventh consecutive month inflow. India also recorded steadily positive flows, following net outflows last month.

North American investors continued to buy gold ETFs, adding US$4.5bn in April. Although flows moderated compared to February and March, this month marked the second strongest April on record. And net cumulative flows through the first four months of the year have already outpaced 2020’s historical performance.

Our quantitative attribution analysis shows that, the gold price momentum – albeit less pronounced compared to March – together with ongoing financial market turmoil amid trade policy uncertainties led investors in the region to gold.

Near-term momentum may ebb and flow, but expectations for continued market volatility – driven by concerns such as future trade policy and inflation – should provide a level of support to flows over the medium-to-long term.

Europe saw modest outflows of US$807mn in April, reversing course slightly. Outflows for the region were primarily concentrated in the UK, which were partially offset by inflows into Switzerland and France.

Nonetheless, the region witnessed healthy demand during most of April as the gold price rallied. Lower opportunity costs, fuelled by another rate cut from the ECB,³ and intensified expectations of a BoE reduction in early May⁴ supported gold ETF buying. But late-month gold price declines sparked investor selling, likely profit-taking, erasing earlier gains. Sharp stock market rebounds may have further reduced gold's appeal.

With the local currency strengthening against the dollar, FX-hedged products, mainly in Switzerland, saw additional demand, curbing other outflows.

Funds in other regions posted their fifth consecutive month of positive demand (US$213mn) – Australia and South Africa continued to drive gold ETF inflows in the region.