Gold ETFs Record $18 Billion Inflow in August, Raising Holdings to All‑Time High

Gold exchange‑traded funds (ETFs) saw a massive $18 billion net inflow in August, marking the second‑biggest monthly addition ever recorded. The surge lifted total assets under management to $615 billion, a 16 % month‑over‑month rise, and pushed collective holdings to a record 4,189 tonnes.

Regional Contributions

• Europe: Investors added $7.9 billion, the strongest monthly inflow for the region. The United Kingdom contributed $4.4 billion, its second‑largest month, while France recorded a national‑record $1.5 billion.
• North America: Funds attracted $7.7 billion, the third‑largest monthly haul, with a notable $4 billion absorbed during the week of August 17.
• Asia: Inflows reached $2 billion, the best month since February, led by China’s continued buying.

Drivers Behind the Surge

The World Gold Council identified three likely catalysts: U.S. intervention to support the yen on July 31, the U.S. Treasury’s debt buyback announced on August 19, and price momentum after gold cleared key technical levels.

Market Activity and Positioning

Average daily trading volume across the gold market rose 21 % month‑over‑month to $430 billion. Gold ETF trading volumes jumped 83 % to $8.7 billion per day, with North American‑listed funds accounting for over 73 % of the activity. COMEX net long positions increased by 39 % (212 tonnes) to 753 tonnes, while managed money added 96 tonnes, bringing its net longs to 470 tonnes.

Outlook

Year‑to‑date inflows total $29 billion, equivalent to 160 tonnes. September data will reveal whether the strong August pace can be sustained.