Global gold-backed ETFs attracted a record US$31 billion in the third quarter of 2026, driven largely by strong demand from investors in Europe and North America, according to the World Gold Council.
The funds attracted US$10 billion in September alone, bringing total global gold ETF holdings to a record 4,256 tonnes, an increase of 67 tonnes during the month.
Despite the increase in holdings, total assets under management (AUM) declined by 7% month-on-month to US$574 billion, reflecting a lower gold price during the period.
The World Gold Council said global gold ETF AUM nevertheless increased by 9% during the third quarter, while collective holdings grew by 211 tonnes.
At the country level, the United States led quarterly inflows, followed by the United Kingdom, whose gold ETFs recorded their strongest quarter on record.
UK-listed funds attracted US$7.5 billion during the third quarter, contributing to Europe’s record quarterly inflows of US$14 billion.
The strong performance pushed the UK ahead of China as the largest source of country-level gold ETF inflows year-to-date. UK-listed funds had attracted US$9.5 billion in inflows by the end of September.
The World Gold Council said UK-listed funds recorded inflows in 12 of the 13 weeks through September 25, indicating sustained investor demand.
European gold ETFs attracted US$3.6 billion in September, while North American funds recorded inflows of US$4 billion. The United States accounted for US$3.8 billion of the North American total, with Canada contributing US$206 million.
Asian gold ETFs attracted US$2.3 billion in September, marking their third consecutive month of inflows and bringing third-quarter inflows to US$4.9 billion.
China remained the largest contributor in Asia, while India, Japan, South Korea and Singapore also recorded inflows.
The World Gold Council said continued inflows into Chinese funds came amid renewed weakness in domestic equities and declining government bond yields, which increased gold’s relative appeal.
Indian funds also recorded inflows, which the Council attributed potentially to a pullback in domestic equities, opportunistic buying during price declines and increased demand for portfolio diversification.
Funds listed in other regions attracted a further US$104 million in September, taking third-quarter inflows to a record US$476 million. Australian funds accounted for almost all of the monthly inflows.
The World Gold Council said the September inflows occurred despite a challenging environment for gold, including higher interest rates and upward pressure on Treasury yields and the US dollar.
It said persistent inflation, elevated energy prices, concerns over equity valuations, particularly in AI-related sectors, and increased bond-market volatility may have reinforced gold’s appeal as a portfolio diversifier.
The World Gold Council’s data covers physically backed gold ETFs and similar products, including closed-end funds and mutual funds, with most of the funds included fully backed by physical gold.
