Gold ETF holdings rose by another 55 tonnes in October, lifting total assets to 3,892 tonnes—a five-year high. This marked the fifth straight month and the ninth month this year with net inflows, which have added up to just under 674 tonnes since January. North American and Asian funds accounted for October’s gains, while European ETFs saw outflows for the first time in five months, primarily in the United Kingdom and Germany.
The largest U.S. gold ETF recorded the biggest inflows last month, and notably, four of the six top-performing ETFs were based in China. Chinese funds added 34 tonnes in October—almost offsetting Europe’s outflows—signaling a shift in demand from Europe to China. Bloomberg’s data had already highlighted those European ETF outflows.
Because Bloomberg’s numbers exclude Chinese funds, its reported net inflows for October totaled less than 10 tonnes—far below the World Gold Council’s figures. Over the first ten months of the year, the WGC shows U.S. ETFs driving the bulk of inflows, with China in a distant second and Europe third. Among European markets, Germany lagged, coming in behind both India and Japan.
