April in review 

Global physically backed gold ETFs¹ added US$11bn in April, extending their  inflow streak to five months (Table 1, p2).² Supported by a higher gold price and  continued inflows, global gold ETFs’ total assets under management (AUM) reached another month-end high of US$379bn. Meanwhile, holdings surged  115t to 3,561t, the highest since August 2022 and yet still 10% below the month end peak of 3,915t in October 2020.  

Asia led inflows, accounting for 65% of the net global total – their strongest month on record. North American demand was also sizable while European flows flipped negative. Other regions continued to experience positive demand,  albeit only mildly.  

Highlights 

Asia flows surged and North  America also saw robust demand,  while Europe witnessed mild  outflows. The strongest inflow since March  2022 and the continued gold price  surge pushed global gold ETFs’ AUM to US$379bn, 10% higher in  the month. Global gold trading volumes rose  significantly across all markets.

Regional overview 

Asia experienced record breaking inflows during April,  adding US$7.3bn, the strongest ever. The bulk of the  demand came from China marking the third  consecutive month of inflows and the strongest on record for the region. And more impressively, the April inflows have  now surpassed those in Q1 and in full year 2024. In addition  to the continued local gold price surge, demand was also driven by: 

• The ongoing trade dispute with the US, which has raised  fears of weaker growth, amplified equity volatility, and intensified expectations of the local currency depreciation 

• Lower government bond yields, amid rising rate cut  anticipations. 

Global trade risks and the gold price surge also boosted gold  ETF demand in Japan, their seventh consecutive month inflow. India also recorded steadily positive flows, following net outflows last month.  

North American investors continued to buy gold ETFs,  adding US$4.5bn in April. Although flows moderated  compared to February and March, this month marked the  second strongest April on record. And net cumulative flows  through the first four months of the year have already  outpaced 2020’s historical performance.  

April and y-t-d 2025 regional flows* price momentum – albeit less pronounced compared to  March – together with ongoing financial market turmoil amid  trade policy uncertainties led investors in the region to gold.  

Near-term momentum may ebb and flow, but expectations  for continued market volatility – driven by concerns such as  future trade policy and inflation – should provide a level of  support to flows over the medium-to-long term. 

Europe saw modest outflows of US$807mn in April,  reversing course slightly. Outflows for the region were  primarily concentrated in the UK, which were partially offset  by inflows into Switzerland and France.  

Nonetheless, the region witnessed healthy demand during  most of April as the gold price rallied. Lower opportunity  costs, fuelled by another rate cut from the ECB,³ and  intensified expectations of a BoE reduction in early May ⁴ supported gold ETF buying. But late-month gold price  declines sparked investor selling, likely profit-taking, erasing  earlier gains. Sharp stock market rebounds may have further  reduced gold’s appeal. 

With the local currency strengthening against the dollar, FX hedged products, mainly in Switzerland, saw additional  demand, curbing other outflows.  

Funds in other regions posted their fifth consecutive month  of positive demand (US$213mn) – Australia and South Africa  continued to drive gold ETF inflows in the region. 

Gold trading volumes boom 

Global gold trading volumes across various markets  rocketed in April, averaging US$441bn/day, 48% higher  m/m. Amidst the strong gold price rally, all markets  witnessed significant m/m rises in trading activities. LBMA  OTC turnovers reached US$181bn/day, 31% higher m/m and notably higher than the 2024 average. Exchange-traded  activities jumped by 67% compared to March, with the  COMEX (+42% m/m) and the Shanghai Futures Exchange (+122% m/m) leading the charge. Although gold ETF trading  volumes are smaller than other sectors, they saw the  greatest m/m increase of all, surging 120%. 

Total net longs of COMEX gold futures fell 30% m/m to 566t  by the end of April. Net long positions held by money  managers moved lower almost each week, reaching 360t by  the end of the month and 35% below the 2024 average. This  is mainly driven by a sharp decline in total longs – likely due  to profit taking as gold refreshed new records – and a mild  rise in shorts.