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.
US Gold Demand Trends Q3 2025
Overall gold demand in the US rebounded in the third quarter, in which demand of 186t grew 58% y/y. NA ETF inflows reached $16bn (137t) in Q3 and cumulative net inflows his US$37bn through September. Average daily trading volumes of US listed products grew 37% y/y in the quarter, and carried this momentum into October increasing 51% m/m to a new record of US$208bn (1,587t) per day.
Weekly Markets Monitor: Deadlock and democrats
Last week saw a thaw in US-China relations with a temporary trade agreement, alongside divergent central bank actions. While the Fed and Bank of Canada lowered rates, the ECB and BoJ held steady.
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.
Weekly Markets Monitor: The Easing Glow
Weekly Markets Monitor: Gravity dismissed
Last week presented a mixed global macro picture. US-China trade tensions eased. The US government shutdown continued.
India gold market update: Festive shine
Gold continues its extraordinary price rally, having reached 48 all-time highs this year. Geopolitical tensions, strong investment demand, dollar weakness, financial market risk and expectations of dovish Fed policy lifted international prices by 11.6% in September and by an additional 7.9% in the first two weeks of October, pushing past the US$4,000/oz milestone.
China gold market update: Wholesale demand rebounded
Supported by reviving investment strength and relatively more active retailer replenishment, wholesale gold demand in China rebounded during September. Meanwhile, the PBoC announced its 11th consecutive monthly gold purchase and Chinese gold ETF flows turned positive.
