Gold ETF inflows accelerated in May, with global funds adding 95 tonnes of gold, the highest monthly total since April 2022. The inflows bring year-to-date additions to 420 tonnes, more than double the pace seen in 2025 and well above the 10-year average of approximately 200 tonnes per year.
North American-listed ETFs accounted for the majority of inflows, reflecting strong investor demand in the US and Canada. European-listed funds also saw positive flows, while Asian funds recorded modest additions led by Chinese and Indian investors.
The acceleration in ETF purchasing is being driven by several factors: expectations of lower interest rates, a weakening US dollar, elevated geopolitical risk, and gold's strong price performance which has attracted momentum-driven inflows.
Total assets under management in global gold ETFs now stand at approximately $280 billion, approaching the all-time high of $320 billion set in mid-2020. The growing scale of ETF holdings means that investor flows have become an increasingly important determinant of gold price dynamics.
The World Gold Council notes that ETF inflows are being supported by a broadening investor base, with sovereign wealth funds, pension funds, and insurance companies increasing allocations to gold as a strategic portfolio asset.
Strong ETF inflows indicate robust investment demand that provides a floor under gold prices. For procurement purposes, this confirms that any gold price dips are likely to be shallow and short-lived. Lock in prices on pullbacks.