Gold ETF Inflows Soar in H1 Amid Upheaval, Reversing 2024

Investors show no sign of slowing their hedging against market volatility, pouring billions into gold ETFs during the first half of 2025 amid global trade upheaval and reversing the big outflows seen during last year’s first half.

The $100.9 billion SPDR Gold Trust (GLD), the world’s biggest exchange-traded fund holding gold bars in vaults, has pulled in $7.5 billion so far this year through July 9, compared with $2.8 billion in outflows during the same period last year. The $47.1 billion iShares Gold Trust (IAU) has had net inflows of $4.9 billion so far this year, reversing outflows of $1.4 billion during last year’s first half through July 9.

Globally, first-half flows into physical gold ETFs surged to $38.1 billion through the end of June, the most in five years, the World Gold Council reported. That compares with global outflows of $6.7 billion a year ago, a period during the Biden presidency not marked by rapidly changing trade policies and tariff regimes. Stocks at the midpoint last year had gained about 15%, more than double the 7.2% so far this year as measured by the SPDR S&P 500 ETF (VOO).

GLD, IAU Inflows

Global gold ETF inflows were led by GLD and IAU and the $15.8 billion SPDR Gold MiniShares Trust (GLDM), which pulled in $3.9 billion during the first half. The fourth-largest inflows went to a Chinese ETF, the Huaan Yifu Gold ETF, which pulled in $3.2 billion, according to World Gold Council data.  

At the same time, those funds are buying gold, led by the 80 metric tons (88 tons) picked up by GLD, the council said. All told, global ETFs bought 397.1 metric tons, reversing sales of 77 metric tons during last year’s first half.  

GLD vs. IAU vs. GLDM—Source: Factset

Spot gold has gained 25% so far this year, and GLD has jumped a similar 26%. It gained 15% during last year’s first half.