The World Gold Council (WGC) reports that gold-backed exchange-traded funds (ETFs) drew the largest inflows in five years between January and June 2025.
Net inflows into gold ETFs were modest in 2024, following three years of outflows. However, trade tensions sparked by US President Donald Trump’s tariff policies fueled interest in these exchange-traded funds, which account for a significant part of investment demand for the yellow metal.
According to the WGC, gold ETFs posted an inflow of $38 million in the first half of this year. The total holdings surged by 397.1 tons to 3,615.9 tons, the highest since August 2022.
US-listed funds drew 206.8 tons of gold, while Asian ETFs saw an inflow of 104.3 tons of the yellow metal. Asia-listed funds accounted for 28% of global net inflows, with just 9% of the world’s assets under management.