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Informist, Monday, Dec. 8, 2025

 

NEW DELHI – Global gold exchange-traded funds saw inflows of $5.2 billion in November, marking the sixth consecutive month of inflows, the World Gold Council said in a report. Although inflows were reduced from previous months, they continue to be well above 2024's monthly average of $292 million, according to the report.

By the end of November, the total assets under management in global gold ETFs rose 5.4% to $530 billion amid continued inflows and higher gold price. Holdings rose 1% to a record 3,932 tonnes in November, as per the report.

 

Region-wise, Asia dominated global gold ETF inflows in November with $3.2 billion. This was the region's third successive month of inflows. Chinese investors led the inflow with $2.2 billion.

 

"Equity market weakness, a rebounding gold price, and geopolitical tensions encouraged gold ETF investment in China and Japan," the WGC said in the report. "China's newly announced VAT (value-added tax) reform may have further boosted flows as jewellery buyers with investment motives turned to gold ETFs in order to avoid the additional tax." In India, November marked the sixth month of inflows amid attractive local gold price performance.

 

In North America, inflows in November were at $1 billion, again marking six straight months of inflows. "Flows were relatively subdued compared to the record buying of previous months, reflecting the offsetting forces that have shaped gold ETF investor sentiment," the council said in the report.

 

Inflows were partially offet by outflows in North America. Reduced expectations of the US Federal Reserve cutting the Fed funds rate in December and easing geopolitical tensions earlier in the month owing to perceived progress towards a peace pact in Ukraine weighed on gold demand. "With swings in the equity market, local investors may have sought to cover losses in other areas by selling gold ETFs and benefiting from their vast liquidity and strong y-t-d (year-to-date) performance, also limiting the month's inflows," the WGC said in the report.

 

In Europe, November gold ETF inflows were at $978 million amid a weak equity market and higher gold price. The UK and Germany drove most of the demand.

 

Funds in other regions saw a marginal net outflow of $38 million as Australian inflows were unable to offset outflows from South Africa.

 

Meanwhile, the daily average trading volume across all gold markets fell 26% on month to $417 billion per day in November. Nonetheless, global gold volumes remain well above their 2024 average of $232 billion a day.

 

Meanwhile, exchange-traded volumes fell 26% to $221 billion per day, probably because of reduced gold price volatility in the month. Global gold ETF trading activity plunged 50% on month, reaching $8.4 billion per day but still well above the 2024 average of $2.9 billion per day.

 

Among individual funds, SPDR Gold Shares, the world's largest gold-backed ETF, rose 6.3 tonnes to 1,045.1 tonnes in November. The second-largest gold-backed ETF, iShares Gold Trust, saw an inflow of 1.8 tonnes, with its holdings at 239.4 tonnes.  End

 

Reported by Afra Abubacker

Edited by Rajeev Pai

 

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