July ETFs Inflows anchored by US and Europe

Aug 11, 2025

illustrativeGlobal physically backed gold ETFs saw further inflows in July, adding US$3.2bn. July inflows came mainly from Western funds, divided almost equally between North America and Europe. Asia saw slight inflows while other regions experienced mild outflows. It is worth noting, global inflows are currently on pace for their second strongest year on record.

Boosted by continued inflows and a higher gold price, global gold ETFs’ total assets under management (AUM) rose further by 1% to US$386bn, another month-end high. Collective holdings increased by 23t to 3,639t, remaining the highest month-end total since August 2022.

North America attracted US$1.4bn in July, bringing y-t-d inflows to US$22bn, on pace for its second-strongest annual performance. While flows remained positive, they did slow m/m. We attribute this to a short-term rebound in the dollar and a rise in rates, as expectations for future Fed cuts continue to be pushed further out.

European funds saw their third consecutive monthly inflow in July, attracting US$1.8bn. The UK once again dominated inflows while German funds lost the most. Gold’s outsized strength in British pounds (GBP) attracted local investors: weaker-than-expected economic data and the cooling labour market, among other factors, kept the local currency on a back foot and contributed to rising safe-haven demand. Switzerland and France also witnessed notable inflows in the month.

Asian funds saw a mild increase of US$93mn in July, led by Japan. China saw outflows amid local investors’ improving risk appetite – the CSI300 stock index saw its strongest month since last September as the country’s Q2 growth exceeded expectations. In contrast, Japan (US$215mn) and India (US$156mn) continued to record inflows. And funds in other regions registered modest outflows of US$95mn in July.

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