Global gold ETFs logged another month of inflows as Asian demand fuelled new highs in assets and holdings.
Global physically-backed gold ETFs have extended their inflow streak to six consecutive months, adding US$5.2 billion ($7.8 billion) in November as assets under management rose 5.4 per cent to a record US$530 billion, according to the World Gold Council.
Holdings climbed 1 per cent to 3,932 tonnes, marking the highest month-end level recorded and keeping global inflows on track for their strongest year.
Asia led the month’s activity with US$3.2 billion in inflows, the region’s third straight month of strong buying. Chinese investors added US$2.2 billion, supported by weak equities, a firmer gold price and geopolitical tensions.
China’s newly-announced VAT reform also encouraged a pivot from jewellery purchases toward gold ETFs as investors sought to avoid the additional tax.
India recorded its sixth month of inflows, supported by strong local gold prices, while South Korea showed rising interest as investors sought hedges against equity volatility.
North America added US$1 billion, with inflows tempered by investors selling holdings to offset equity market losses and by shifting expectations of a December Federal Reserve rate cut.
A 4.5 per cent rise in the gold price and late-month anticipation of a Fed easing supported demand, although improving geopolitical conditions in Ukraine earlier in the month limited flows.
Europe recorded US$978 million in inflows as demand swung positive, led by the UK and Germany. A stronger gold price in local currencies and the UK’s Autumn Budget—which heightened expectations of further cuts by the Bank of England—supported investor interest.
Other regions collectively saw a small outflow of US$38 million, with Australian inflows of US$12 million outweighed by outflows from South Africa.
Trading volumes fell from October’s record levels, with global gold market activity averaging US$417 billion per day in November, a 26 per cent decline. Volumes across OTC, exchange-traded markets and gold ETFs all cooled as price volatility eased.
Global ETF trading activity dropped 50 per cent to US$8.4 billion per day yet remained significantly above the 2024 daily average of US$2.9 billion. Liquidity measured in tonnes averaged 3,167 tonnes per day, still 6 per cent higher than last year’s average.
Among individual products, China’s Huaan Yifu Gold ETF recorded the largest inflow at US$966 million, followed by SPDR Gold Shares at US$889 million and the Japan Physical Gold ETF at US$496 million. The largest outflow was seen in Switzerland’s Raiffeisen Solid Gold ETF at US$199.7 million.
The World Gold Council notes that despite softer trading activity, the sustained inflow trend, elevated liquidity and record-high holdings reinforce gold’s role as a strategic asset in a shifting macroeconomic and geopolitical environment.
