Global Gold ETF Inflows Hit $44B, Nearing 2020 Record
Gold ETFs have taken in $44B this year as investors hedge against inflation, trade tensions, and geopolitical risks.
Demand for gold ETFs has been swift this year, with investors pouring $24 billion into U.S.-listed funds through Aug. 15. The bulk of that has gone into the big three: the SPDR Gold Shares (GLD), which pulled in $9.6 billion; the iShares Gold Trust (IAU), with $6.1 billion; and the SPDR Gold MiniShares Trust (GLDM), with $4.8 billion.
But the surge is not just an American story. According to the World Gold Council, global gold ETFs outside the U.S. attracted nearly $19 billion in the same period. China led with $7.8 billion of inflows, followed by the U.K. ($2.9 billion), Switzerland ($2.5 billion), Japan ($1.2 billion), France ($1.2 billion), India ($1.1 billion), and Germany ($1.1 billion).
That brings total global inflows into gold ETFs to $43.6 billion year to date, representing about 443 metric tons of the metal.
Closing In On Records
At this pace, 2025 is on track to challenge the record $49.5 billion of inflows set in 2020, the pandemic year. But in one respect, 2025 will likely lag: the sheer amount of gold purchased.
Back in 2020, when prices were much lower, gold ETFs collectively bought 893 metric tons of bullion. This year’s 443 metric tons is impressive but reflects how each dollar buys less gold today than it did when prices were roughly half of current levels.
Even so, 2025 could still end up being the second-largest year ever in terms of tonnage, surpassing the 639 metric tons purchased in 2009.
A Sharp Reversal
The turnaround for gold ETF flows is notable. From 2021 to 2024, global gold ETFs were net sellers, offloading 549 metric tons in total. That selling pressure pushed ETF holdings well below their late 2020 peak of 3,929 metric tons.
Even with this year’s resurgence, gold ETFs collectively hold 3,662 metric tons—still shy of the all-time high. But if the current pace continues, new records may not be far off.
The World Gold Council points to a mix of drivers behind the gold ETF buying spree, including momentum trading, geopolitical uncertainty, concerns about global trade, and lingering fears of high inflation.
All of those factors remain in play, suggesting the bid for gold ETFs could stay strong in the months ahead.
