Global physically backed gold ETFs saw inflows of $38 billion during H1, boosted by strong positive flows in June, marking the strongest semi-annual performance since H1 2020, said the World Gold Council in its latest report. All regions saw inflows last month, with North American and European investors leading the charge.
A trade war triggered by U.S. President Donald Trump’s tariff measures drove investors toward gold ETFs as a safe haven amid rising political and economic uncertainty. This surge in activity during the first half of the year comes after a modest net inflow into gold ETFs in 2024, following three consecutive years of outflows due to elevated interest rates.
Total holdings grow 397t to 3,616t in H1
During the first half, North America accounted for the bulk of gold ETF inflows, recording the strongest H1 in five years. Despite slowing momentum in May and June, Asian investors bought a record amount of gold ETFs during H1, contributing an impressive 28 percent to net global flows with only 9 percent of the world’s total assets under management (AUM). European flows finally turned positive in H1 2025 following non-stop semi-annual losses since H2 2022.
By the end of H1, the surging gold price and notable inflows pushed global gold ETFs’ total AUM 41 percent higher to $383 billion, a month-end record. Collective holdings in H1 grew 397t to 3,616t, the highest month-end value since August 2022.
Exchange-traded volumes rise to $159 billion per day
Gold market trading volumes averaged $329 billion/day during the first half, the highest semi-annual value on our record. But June saw a decline in volumes, likely impacted by a short-term equity market rally and fading momentum for gold.
Exchange-traded volumes also saw a sizeable increase through the first half of the year, averaging $159 billion/day, driven by increased activity on COMEX and the Shanghai Futures Exchange. Meanwhile, trading volumes of global gold ETFs continued to gain strength in H1, particularly from North America and Asia, which averaged $4.3 billion/day and $0.9 billion/day, respectively.
