In the first few weeks of 2026, the gold price continued to rise globally. Following an all-time high on 28 January – in the Eurozone, the precious metal reached almost 147 € per gram – it slowed before stabilizing at 135 € (as of 11 February 2026), an overall increase of 11.3 per cent year-to-date. The heightened volatility led to enormous trading volumes averaging a daily 623 US$ billion, with more investors increasing their gold allocations in ETFs or ETCs than those reducing their gold investments.
January sees record net inflows
January 2026 proved to be the strongest January ever in terms of net inflows into gold funds and gold-backed ETCs. Global gold holdings increased by more than 120 tons. However, alongside inflows of just under 185 tons, there were also outflows of 64 tons, i.e. profit-taking. For some investors, the increased volatility combined with renewed all-time highs in the gold price was a signal to exit. The sudden price correction at the end of January, however, was also an opportunity to enter the gold market or expand existing gold allocations.
US and Chinese gold funds almost neck and neck, Europe also sees inflows
US Gold ETFs recorded the strongest growth at 41.7 tons, closely followed by Chinese gold funds at 38.5 tons. In Europe, British gold-backed ETCs were the leading source of demand, as was already the case last year. However, German, Italian and Swiss ETCs also increased their holdings. The exchange-traded commodity Xetra-Gold has seen net inflows of around 4 tons since the beginning of 2025. Holdings currently stand at roughly 173 tons. Institutional investors are not solely responsible for this growth, with private investors also increasingly adding Xetra-Gold to their portfolios.