High demand for Gold funds and gold-backed ETCs

Net inflows in gold-backed ETFs and ETCs amounted to just under 400 tons in the first of half of 2025, reaching 3,616 tons. It has been the strongest first half year since 2020, when the coronavirus pandemic sent people and markets into a tailspin. Recent World Gold Council data shows that the total outflows of 401.6 tons over the first six months of this year were offset by inflows of 798.7 tons. Assets under management in gold funds and gold-backed ETCs totaled US$382.8 billion by the end of June 2025, the highest level in 34 months.

Strong inflows in first and second quarter  

Q1 2025 saw the second-highest quarterly inflows ever, marking a clear turnaround from the quarterly results since the beginning of 2022. In Q2 2025, North American gold funds again recorded the strongest growth in gold holdings, at just under 73 tons, followed by Asian gold funds with 70 tons. Since US gold funds manage almost twice as much gold as Asian funds, the former recorded an increase of 12.5 per cent over the entire first half of 2025, while Asian gold funds grew by 48.2 per cent.

European Gold ETCs: 78.1-ton growth in first half of 2025

In Q2 2025, European gold-backed ETCs continued to grow, especially in the UK and Switzerland. In the Eurozone, German gold-backed ETCs recorded by far the highest net inflows in June. Over the first half of 2025, gold holdings of German ETCs, at 16 tons, grew more significantly than in other Eurozone countries, and 7.3 of those 16 tons were attributable to net inflows into Xetra-Gold. Overall, inflows in the Eurozone countries lagged behind some other European countries, such as the UK with 26.7 tons and Switzerland with 24.4 tons.