In a Gold ETF Commentary, that published by World Gold Council (WGC) said, Momentum eases in May! Global physically backed gold ETFs lost US$1.8bn in May, snapping their five-month inflow streak. The first monthly outflow since last November and a mild fall in the gold price saw global gold ETFs’ total assets under management (AUM) fall 1% to US$374bn.
And collective holdings fell 19t to 3,541t. Despite May’s loss, global gold ETF flows have remained positive so far in 2025, at US$30bn. Holdings have also seen a cumulative rise of 322t during the period. All regions saw outflows in May except Europe. North America took the largest hit, and Asia reversed the strong momentum it experienced in April. Europe registered mild inflows, while funds in other regions experienced a small loss for the first time in six months.
Focussing on gold market liquidity that elevated, WGC said, Gold market trading volumes averaged US$363bn/day in May, 18% lower m/m yet significantly higher than the 2024 average of US$233bn/day. Due to a tepid gold price performance, all gold market sectors witnessed cooling momentum in activities.
The LBMA OTC trading was 19% lower compared to April, reaching US$146bn/day in May, but remaining above its 2024 average of US$113bn/day. Volumes at exchanges stayed elevated despite a 17% m/m fall, which was driven by cooling activity at the Shanghai Futures Exchange. Trading volumes of global gold ETFs were also strong, notably higher than levels seen in previous years despite a minor m/m decline.
Total net longs of COMEX gold futures reached 551t by the end of May, a mild 3% decline m/m. However, money manager net longs saw a mild 1% m/m rebound to 365t, driven mainly by a larger decline in total shorts compared to longs. The range-bound moves of gold during the month, may have discouraged trader interest.
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