U.S. and China Lead Global Gold ETF Surge to Start 2026
Global gold ETFs have already pulled in more than $18 billion this year, with strong demand spanning the U.S., China and India as prices hover near record highs.
Gold ETFs are off to another blistering start in 2026, with investors around the world pouring money into the metal at a pace that could rival last year’s record haul.
Through Feb. 20, global gold ETFs have pulled in more than $18 billion year to date, according to the World Gold Council. If the momentum continues, 2026 could surpass 2025’s record $89 billion of inflows.
U.S. Investors Lead, But China Close Behind
More than a third of this year’s inflows, or $6.9 billion, has come from U.S. investors.
American buyers have funneled $2.7 billion into the SPDR Gold MiniShares Trust (GLDM) alone, making it the most popular vehicle for exposure to the yellow metal.
But the U.S. is hardly alone.
Nearly $6.2 billion has flowed into gold ETFs listed in China, while Indian gold ETFs have gathered another $2.5 billion so far this year.
Two China-listed funds, the Huaan Yifu Gold ETF and the Guotai Gold ETF, have attracted $1.7 billion and $1.3 billion in inflows, respectively. The Huaan Yifu Gold ETF now holds roughly 107 metric tons of gold. That’s about a tenth of the holdings of SPDR Gold Shares (GLD), the world’s largest gold ETF, which holds more than 1,000 metric tons and manages roughly $181 billion in assets.
China and India are already the world’s largest consumers of physical gold, driven by strong demand for bars, coins and jewelry. ETFs are increasingly becoming part of that appetite, giving investors a more liquid and convenient way to gain exposure.
Demand Across the Globe
The buying isn’t limited to the U.S., China and India. From South Korea to Switzerland, Japan, Canada and Australia, investors have poured hundreds of millions of dollars into gold ETFs. The breadth of demand underscores gold’s renewed status as a global macro hedge.
The surge in ETF demand has helped keep gold prices hovering near record levels.
The metal climbed to nearly $5,600 in late January before tumbling to around $4,400 within days during a sharp bout of selling. It has since rebounded to roughly $5,150.
After soaring nearly 65% in 2025, its best annual gain since 1979, gold is up more than 19% so far in 2026.
As in 2025, investors are turning to gold as protection against a wide range of risks. Concerns include a weakening U.S. dollar, ballooning government debt, lingering inflation pressures, geopolitical tensions tied to wars and trade disputes, and growing unease about central bank independence.
Whether the rally continues will likely depend on how those macro forces evolve. But for now, ETF investors appear interested in boosting their exposure to the metal.
