Gold ETF flows remain resilient despite June reversal

• June saw continued outflows from funds listed in all regions, yet global gold ETF flows have remained positive y-t-d.
• Global gold ETFs’ AUM reached US$526bn by the end of June, a 6% fall in H1 due mainly to a lower gold price; collective holdings in the first half were up 18t to 4,047t.
• Gold market trading volumes pulled back in June yet the H1 average reached an all-time high.

Global investors further trimmed their gold ETF holdings in June. Physically backed gold ETFs[1] saw outflows of US$8.9bn in the month. All regions experienced outflows with North America losing the most. In the month, global gold ETFs’ total assets under management (AUM) fell 13% to US$526bn, whilst holdings reduced by 74t to 4,047t.

Despite June’s loss, global gold ETF flows remained positive at US$8bn in H1. Asia dominated global inflows – the region’s strongest H1 on record – during the first half while North America was the only region with losses. Europe saw healthy inflows. Global gold ETFs’ AUM fell 6% in H1, reflecting the lower gold price despite positive inflows. Collective holdings rose slightly by 18t (Chart 1).

Regional overview

Looking ahead, regional gold ETF flows could stabilise. The macro consensus scenario in our 2026 Mid-Year Gold Outlook suggests relatively stable gold performances in H2, with potential catalysts possibly brewing a breakout in other scenarios. Meanwhile, uncertainties surrounding geopolitics, economic growth and financial markets linger. This backdrop may continue to support investor demand for portfolio protection and sustain interest in gold ETFs as a strategic safe-haven allocation.

European funds lost US$818mn in June, trimming their H1 inflows to US$3.2bn. Outflows were seen across major markets in the region during June. Across the region we believe gold price weakness has been a major factor leading to net sales of gold ETFs by investors. Also in June, the European Central Bank hiked rates by 25bps, the first time since September 2023 citing inflation concerns amid the ongoing US-Iran conflict. This move may have deterred some investors from gold. We have also observed continued outflows from FX-hedged products listed in the region, mainly in Switzerland amid local currency depreciation against the dollar, adding to European fund losses in June.

Funds in other regions saw mild outflows of US$262mn in June, trimming their y-t-d buying to US$106mn. In June, Australian funds shed US$197mn and funds in South Africa lost US$36mn.

An unprecedented H1

Global gold market liquidity surged to record levels in H1 at US$488bn per day; the strongest semi-annual average in our data series (Chart 2). Strength was broad-based, with every major segment posting its most active semi-annual averages on record. OTC trading, led by the LBMA, averaged US$249bn/day, substantially above 2025 levels and underscoring the depth of institutional participation.

Exchange-traded volumes also jumped, reaching US$227bn/day – 22% higher than the 2025 average – supported by elevated investor activity. Meanwhile, global gold ETF trading averaged US$12bn/day – up 73% from 2025 – fuelled primarily by robust trading in US funds as investors increasingly turned to gold amid heightened macroeconomic and geopolitical uncertainty.

Despite a weaker gold price, total COMEX net longs rebounded by 16% m/m to 538t, the highest month-end level since January.[3] It is noteworthy that managed money net longs have been rising since early June despite a weakening gold price. A closer look at the CFTC positioning data reveals a divergence across investor cohorts: while non-reportable net longs – a proxy for retail participation – reduced during the month, other reportables, which capture large trades outside the managed money category, increased by 16% m/m.