Inflows into gold ETFs/ETCs up 134 per cent

In the third quarter of 2025, gold investments – including gold funds, ETCs, bars and investment coins – increased by a total of 47 percent compared to the same period last year, according to the World Gold Council’s Gold Demand Trends Q3 2025 report. According to the report, 1,566 tons of gold have been purchased for investment purposes year-to-date, with inflows into physically backed gold ETFs/ETCs seeing the most pronounced rise in percent.

Inflows into gold ETCs/ETCs nearly three times as strong as into physical Gold

With net inflows of just under 222 tons, gold funds and gold-backed ETCs increased by 134 percent year-on-year – almost three times as much as gold bars and coins over the same period. This means that gold ETFs/ETCs have recorded their largest inflows since 2020. European ETCs increased by 70 tons, and by 148 tons year-to-date, making the third quarter of 2025 the strongest in Europe since the first quarter of 2022. However, inflows have risen less sharply so far in the fourth quarter and now stand at 21 per cent year-on-year (as of 7 November 2025).

Demand for gold coins and bars rose less significantly

Overall, investment in physical gold remains higher than investment in gold funds and ETCs, at over 315 tons in the third quarter of 2025. However, compared to the same quarter in 2024, it is up only 17 per cent, and compared to the second quarter of 2025, only 3 per cent.

Global demand for gold jewelry and watches, on the other hand, has dropped significantly, with gold jewelry purchases down 19 percent. In India, a country with a traditional affinity for gold, demand for jewelry fell by as much as 31 per cent, likely due to the consistently high gold price throughout 2025. Nevertheless, global demand for gold jewelry totaled 371 tons in the third quarter of 2025.