Global gold ETFs continued their impressive streak of inflows, adding US$4.3 billion in October, bringing total assets under management (AUM) to a record-breaking US$286 billion. North America led the charge, contributing US$2.7 billion in inflows, while Asia also saw strong demand with US$2.1 billion. Despite global economic uncertainties and geopolitical tensions, such as the U.S. election and conflicts in the Middle East, gold’s appeal remains robust. In contrast, Europe experienced outflows of US$563 million, attributed to rising yields and local currency weaknesses.

Asian funds, particularly in China, saw the strongest inflow on record, driven by a soaring local gold price and heightened market volatility. Similarly, Indian gold ETFs continued to see inflows, spurred by attractive gold price momentum and stock market uncertainty. Meanwhile, funds in regions like Australia and South Africa maintained a steady inflow trend, fueled by favorable currency dynamics and local economic conditions.

As 2024 progresses, global gold ETF demand has turned positive for the first time this year, with a net increase of 18 tonnes, signaling growing investor confidence in gold as a safe-haven asset.