Gold ETF Flows: March 2025

Global flows stay hot

Published:

Highlights

  • Global gold ETF inflows continued in March, with positive demand witnessed across all regions
  • After four monthly inflows in a row, total AUM of global gold ETFs reached another month-end peak of US$345bn and holdings rose 3% to 3,445t
  • Global gold markets saw a mild decline in volumes during March amid cooling OTC activities.

March and Q1 in review

Global physically backed gold ETFs1 reported strong inflows in March totalling US$8.6bn (Table 1).2 This helped drive total Q1 flows of US$21bn (226t) to the second highest quarterly level in dollar terms, only behind Q2 2020's US$24bn (433t). 

North America (61%) and Europe (22%) represented the bulk (83%) of net inflows in Q1. Asia contributed 16% – impressive given that the region’s total assets under management (AUM) only account for 7% of the global total. Additionally, first quarter flows in Europe of US$4.6bn stood out as the strongest quarter since Q1 2020. As a result, and aided by gold’s price increase, AUM reached another all-time-high of US$345bn, representing an increase of 13% in March and 28% through the first quarter.

Additionally, collective holdings rose to 3,445t by the end of March, a 92t addition in the month and 226t higher through Q1, reaching the highest month-end level since May 2023 and 470t shy of the record of 3,915t in October 2020. 

Regional overview

North American demand led global flows, adding US$6.5bn and constituting 76% of total flows this month, and US$12.9bn during the quarter. This move higher can be attributed to familiar drivers: 

  • the strong price momentum sent gold to above the US$3,000/oz threshold3
  • yields remained rangebound
  • the dollar slipped to levels not seen since last November
  • tariff and war uncertainty provided continued support. 

Additionally, equity pullbacks, due to growth concerns and market liquidity worries amid ongoing quantitative tightening, further pushed up investor demand for safe-haven assets.4 Also, increased option activity helped drive US$2.1bn (22 tonnes) inflows at monthly expiry.5

As a result, North American funds posted another strong monthly performance, and the region solidified its significant contribution to global quarterly flows.

Europe saw sizable inflows, drawing US$1bn in March and US$4.6bn during Q1. The rally this month stemmed primarily from the UK, Switzerland and Germany. Although the Bank of England made no changes to its benchmark rate during its March meeting, a cloudy growth outlook further weighed by US tariff concerns, weak stock market performance and the gold price surge, drove demand higher in the UK. Equally, despite a jump in the 10-year German Bund yield in early March amid Germany’s massive spending plan, investors in Europe continue to add gold ETFs to their portfolios as the ECB’s March cut encouraged further easing expectations6 and US tariff risks loom over the growth outlook. 

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.

 

Gold ETF Flows

Gold ETF Flows

Data as of

Demand captures changes in global/regional gold holdings; fund flows capture the net amount of money (in USD) that comes in or out of gold ETFs globally/regionally. See methodology note.

Gold trading volumes pullback

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. 

Footnotes

  1. We define gold ETFs as regulated securities that hold gold in physical form. These include open-ended funds traded on regulated exchanges and other regulated products such as closed-end funds and mutual funds. A complete list is included in the gold ETF section of Goldhub.com.

  2. We track gold ETF assets in two ways: the quantity of gold they hold, generally measured in tonnes, and the equivalent value of those holdings in US dollars (AUM). We also monitor how these fund assets change through time by looking at two key metrics: demand and fund flows. For more detail, see our ETF methodology note.

  3. You asked, we answered: Gold hits $3,000 – What comes next? | WGC

  4. Bessent says economy could be ‘starting to roll a little bit’ | CNBC 

  5. Monthly option expiry (21 March) drove inflows of US$1.9bn for GLD, and US$60mn for IAU at expiration. 

  6. ECB’s Guindos says it’s too soon to predict April rate decision | Bloomberg