Flows rise from Wall Street to the Bund

Flows Rise from Wall Street to the Bund

Global physically backed gold ETFs experienced five consecutive months of inflows, totaling US$8.2 billion in October. Although inflows slowed compared to September, they stayed well above the year-to-date average of US$7.1 billion. The year is nearing what appears to be the strongest on record for global ETFs.

Regional Fund Flows and Asset Management

From a regional perspective, North America and Asia led global inflows, while Europe was the only region to experience outflows during October. Overall, global gold ETFs' assets under management (AUM) increased 6% month-over-month, reaching US$503 billion by the end of the month, with gold holdings up 1% to 3,893 tonnes.

Chart 1: North America and Asia Offset European Outflows

Regional gold ETF flows correlated with gold prices as of 31 October 2025. The gold price data is based on the monthly average LBMA gold price PM in USD.

North American Fund Performance

North American funds recorded inflows for the fifth consecutive month, totaling US$6.5 billion in October. Gold hit its 50th all-time high of the year on 20 October, though spot gold (XAU) dropped 5% the next day. Before this decline, the region was on track for a record month with US$7.6 billion in inflows during the first three weeks.

We believe the pullback was driven by profit-taking and momentum traders amplifying the move.

Sources include Bloomberg, Company Filings, ICE Benchmark Administration, and the World Gold Council.

Author’s summary: Despite a slight slowdown in October, global gold ETFs continue robust inflows, driven primarily by North America and Asia, positioning the year for record-breaking growth.

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World Gold Council — 2025-11-06