Global gold ETFs registered outflows of 81t (-US$4.5bn) in July. This was the third consecutive month of outflows and the worst since March 2021. A stronger US dollar and COMEX net long positioning – the lowest since April 2019 – helped push the gold price down through the US$1,800/oz support level.
Global gold ETFs registered 28t (US$1.7bn) of outflows in June. This was the second consecutive month of outflows, following the 53t (US$3.1bn) that left these funds in May. While the recent flows were enough to push Q2 into net outflows of 39t (US$2bn), year-to-date net inflows remained positive at 234t (US$14.8bn). Total holdings at the end of June stood at 3,792t (US$221.7bn), up 6% y-t-d.
Global gold ETFs ended their four-month run of positive inflows in May, with outflows of 53t (US$3.1bn). While this was the largest monthly outflow since March 2021, total holdings remain 8% higher year-to-date at 3,823t (US$226bn).
Global gold ETFs registered healthy net inflows of 43t (US$3bn) in April. While this is 77% lower than the previous month, which was the strongest since February 2016, it is the fourth consecutive month of inflows, maintaining the momentum of flight-to-quality flows we have witnessed this year.
Global gold ETFs had net inflows of 187.3t (US$11.8bn, 5.3% of AUM) in March, with assets just below the record of US$240.3bn, set in August 2020. March inflows were the strongest since February 2016, despite a significant rebound in equities and a strong US dollar performance.
Global gold ETFs drew net inflows of 35.3t (US$2.1bn, 1.0% of AUM) in February. Positive flows were almost evenly split between North American and European funds, continuing the year-to-date growth in Western markets and considerably outweighing outflows from Asia. Global net inflows were driven by stubbornly high inflation and a surge in geopolitical risk on the back of the Russian invasion of Ukraine, which pushed the gold price to an intra-month high of US$1,936/oz.
Global gold ETFs drew net inflows of 46.3t (US$2.7bn, 1.3% of AUM) in January, led by North American funds – partially offsetting the region’s 2021 outflows. These combined with positive flows from Europe significantly outweighed Asian outflows. Overall, net inflows were driven largely by gold price strength and a sharp selloff in equity markets, despite a reversal in the gold price on the back of a hawkish US Fed statement towards the end of the month.
Physically backed gold ETFs saw global outflows of 173 tonnes (t) (-US$9.1bn, -4.0% AUM) in 2021. Collective gold holdings were down 5% to 3,570t for the year, while assets under management (AUM) in value terms dropped 9% to US$209bn as net outflows were compounded by a 4% contraction in the gold price. Despite considerable outflows for the year, gold ETF holdings remain significantly above pre-pandemic levels, as they posted record inflows of approximately 875t (US$48bn) during 2020.
Gold-backed ETFs (gold ETFs) experienced net inflows of 13.6 tonnes (t) (US$838mn, 0.4% AUM) in November, the first month of positive flows since July. Inflows into North America and Europe well exceeded outflows from Asia, which saw negative flows for the first time since May. Global gold ETF holdings rebounded from year-to-date lows, increasing to 3,578t (US$208bn) as investment demand for larger gold ETFs returned amid decades-high inflation and heightened market volatility.
Gold-backed ETFs (gold ETFs) experienced net outflows of 25.5 tonnes (t) (-US$1.4bn, -0.7% AUM) in October. Outflows of near equal magnitude from Europe and North America were marginally offset by inflows in Asia.