According to the World Gold Council's latest publication, “Gold ETF Flows: September 2026,” gold ETFs/ETCs recorded inflows worth $31 billion in the third quarter of 2026, the highest ever. North American gold funds and European ETCs led this record. Despite the recent depreciation of the gold price, global gold holdings under management rose by 67 tons in September alone to 4,256 tons, also a record high. In the same period, the value of gold held in ETFs/ETCs declined by 7 percent to $574 billion.
Europe: ETCs outpace North American gold funds
North American gold funds recorded net inflows of $12 billion in the third quarter of 2026, despite the adverse interest rate developments in the US. European physically backed gold ETCs surpassed this with $14 billion, also a quarterly record. Alongside solid net inflows in Germany and France, British ETCs in particular saw inflows totaling $7.5 billion in twelve of 13 weeks last quarter. Asian gold funds reported combined net inflows of $4.9 billion in the same period, with Chinese gold ETFs accounting for the lion's share.
Record inflows despite or because of the gold price correction?
The situation for gold in the third quarter of 2026 was complex, and it remains so. This is also reflected in investor behavior over recent months. Worldwide, inflows of 417 tons into gold ETFs/ETCs in the third quarter were offset by outflows of roughly 206 tons. Numerous investors sold gold in favor of bonds, but more than twice that amount was bought by other market participants who took advantage of the lower gold price or wanted to hedge against the difficult geopolitical situation. In any case, the record inflows reflect investor confidence in the precious metal.