After gold holdings in physically backed gold ETFs and ETCs first reached an all-time high in March 2026, outflows dominated in the months that followed. In August, demand rose so sharply worldwide — according to recent data from the World Gold Council (WGC), the gold industry's market development organization, published just days ago — that assets under management reached an all-time high of 4,189 tons. Global daily gold trading volume climbed 21 percent month-on-month. Holdings in gold funds and ETCs grew by 16 percent in just one month, lifting the value of gold currently held for physical backing to $615 billion.
Europe: frontrunner in August inflows
Although US gold funds recorded their third-highest inflows on record in August, at 53.4 tons, they did not lead global demand. That distinction belongs to European gold ETCs, which saw the highest inflows at 54.2 tons. Asian gold ETFs also rose notably in August, adding 13.3 tons, and recorded a net gain of 20 percent so far in 2026.
Germany: inflows concentrated in August
Net inflows into Germany, which grew by 6.0 tons and accounted for 89 percent of this year's total inflows, were concentrated in August. Xetra-Gold® alone accounted for just under half of that figure, or 2.9 tons. In terms of inflows, this placed German ETCs in third place in the European comparison, behind the UK and France. German physically backed ETCs also rank near the top for total holdings: only US ETFs and ETCs in the UK and Switzerland manage more gold worldwide.