Just the World Gold Council published their, Gold ETF Commentary, under the name Global flows stay hot, for the month of March and Q1 in review. Commentary said, trading activity across global gold markets in March came in at US$266bn/day – broadly in-line with the quarterly average of US$270bn/day.
LBMA OTC trading of US$136bn/day, resulted in a quarterly average of US$140bn/day. This marks a notable increase when compared to the 2024 daily average of US$113bn. Exchange volumes continued to rise in March, with COMEX taking the charge amid the strong gold price performance. Increased option activity supported North American ETF volumes, but global gold ETF activities still fell mildly m/m.
Total net longs of COMEX’s gold futures fell 3% to 804t by the end of March. Net long positions held by money managers remained relatively stable at 599t, down slightly from 605t at the end of February.
While money manager net longs declined during the first half of March—likely due to profit-taking—renewed interest driven by US trade policy and geopolitical uncertainties led to increased exposure later in the month. Notably, this rebound followed five consecutive weeks of de-grossing that began in February, bringing net longs just above year-end levels of 764 tonnes.
Inflows were sustained for the fourth consecutive month in Asia, attracting nearly US$1bn in March and US$3.3bn through the first quarter. China and Japan dominated demand in March, both likely driven by rocketing gold price performances, which dwarfed other assets in the month, and roaring global trade policy risks.
Additionally, inflationary worries may have helped drive gold ETF inflows in Japan. India saw mild outflows, ending its 11-month inflow streak as investors may have booked profit. Funds in other regions saw another month of positive demand, albeit only modestly at US$98mn, as Australia and South Africa continue to register gold ETF inflows.
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