Gold exchange-traded funds (ETFs) experienced a significant surge in June 2025, attracting a massive $38 billion in inflows, a sharp reversal from the $1.8 billion outflow recorded in May. This robust performance marks the strongest half-year for gold ETFs since 2020, despite a notable 28% reduction in long positions by money managers in COMEX gold futures during the first half of the year.
The surge in gold ETF investments in June was a global phenomenon, with all major regions contributing positively. North America led the charge with $4.8 billion in inflows, its highest monthly inflow since March. Asia also played a crucial role, driven primarily by India, as investors sought safe-haven assets amid escalating geopolitical risks, particularly in the Middle East, with the ongoing Israel-Iran conflict. Europe, after experiencing consecutive half-yearly losses since late 2022, also saw positive inflows.
Asia’s contribution was particularly noteworthy, accounting for 28% of net global flows despite holding only 9% of the world’s total assets under management (AUM). India was at the forefront of regional inflows, followed by Japan and China. Japan extended its streak of gains to nine consecutive months, while China achieved record first-half inflows of $8.8 billion, influenced by trade concerns and persistent inflationary pressures.
