Gold ETFs/ETCs: heaviest September inflows to date

Although the gold price in the Eurozone rose 30 per cent between the beginning of the year and the end of September 2025 – and has, in the meantime, risen by as much as 44 per cent – demand for gold funds and gold-backed ETCs has again increased significantly in recent months. With net inflows equivalent to US$26 billion, September 2025 recorded the highest inflows worldwide ever reported for that month. As a result, the entire third quarter of 2025 was also the strongest on World Gold Council record.

US gold funds lead net inflows – for good reason

The US dollar has been further weakened by the government shutdown, alongside lower interest rate expectations due to the Fed’s recent interest rate cuts and escalating tariff threats, combined with ongoing geopolitical hotspots. These developments have led to net inflows into gold ETFs worth US$106 billion in September alone and growth in US ETF gold holdings of 340.6 tons so far this year. 

Asian gold ETFs and European ETCs also added to their holdings in 2025

While the first half of the year saw some outflows in Europe, the past five consecutive months recorded solid net inflows. Germany led in the Eurozone with a volume of 23.3 tons, surpassed in Europe only by Switzerland at 44.2 tons and the UK at 60.1 tons. Globally, inflows into German gold-backed ETCs rank fifth in 2025 so far, topped only by Switzerland, the UK, and, of course, US gold funds and Chinese gold ETCs, which saw the strongest growth in percentages. The gold holdings managed in these funds increased by almost 69 per cent this year. However, with a total volume of just under 194 tons of gold, Chinese gold ETFs lag significantly behind those of many Western industrialized nations. For example, 332 tons of gold are currently managed in German gold-backed ETCs.