In the Gold ETF Commentary, January in review, World Gold Council (WGC) reported, Global physically backed gold ETFs1 saw net inflows during the first month of 2025, adding US$3bn in January (Table 1, p2).2 The most notable shift comes from Europe: while it led global outflows during most of 2024, it is now dominating inflows.
Despite gold’s strong performance, North American investors remained net sellers of gold ETFs in the month, while Asia and the other regions saw limited inflows. By the end of January, the total asset under management (AUM) reached US$294bn, another month-end record, and collective holdings continued to rebound (+34t).
In the highlights WGC report, 1: Global gold ETFs kicked off 2025 with positive flows, led by Europe, while North America saw outflows. 2: Following the second consecutive monthly inflow and supported by a higher gold price, global gold ETFs’ total AUM rose to US$294bn and holdings bounced to 3,523t. 3: Global gold trading volumes rose 20% in January, driven by increased OTC and exchange volumes.
Gold trading volumes averaged US$264bn/day across global markets in January, 20% higher m/m. The increase can be mainly attributed to surging volumes at COMEX (+60%, m/m), which pushed activities at exchanges around the globe 39% higher m/m – as the gold price strength attracted traders. Meanwhile, the OTC market (+10%, m/m) and global gold ETFs (+23%, m/m) also saw increased trading during the month.
Total net longs of COMEX’s gold futures ended January at 952t, a 25% m/m increase. Money managers increased their net long positions by 26% to 717t by the end of the month. We believe the gold price strength and tariff-related fears were primary drivers of increased long positioning.
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