Demand for gold ETFs has slowed sharply in the US this year, but flows elsewhere paint a very different picture, according to data from the World Gold Council.
US-listed gold ETFs have seen $1.7 billion of net outflows year-to-date, a notable reversal from 2025, when American investors poured almost $50 billion into the category. That accounted for more than half of the $89 billion that went into gold ETFs globally last year.
The picture so far in 2026 looks quite different. Worldwide flows remain positive, with $18.9 billion of net inflows, but the US is no longer doing the heavy lifting. Asia accounts for the bulk at $16 billion, while European funds have added another $3.7 billion.
China alone has driven $9.2 billion of the Asian total, led by the Huaan Yifu Gold ETF, which has pulled in $2.7 billion year-to-date. India ranks second on a country basis with $3.5 billion of inflows, followed by the UK at $2 billion, Switzerland at $1.9 billion, and Japan at $1.3 billion.
It’s perhaps fitting that China and India sit atop the buyers list, given that the two countries already dominate the physical gold market. Together they account for roughly half of global jewelry demand.
The twist is that the most popular individual gold ETF in the world this year is still an American one. The SPDR Gold MiniShares Trust (GLDM) has attracted $4.1 billion of net inflows, comfortably ahead of the Huaan Yifu fund in second place.
After climbing 65% in 2025 and tacking on another 25% at their January peak, gold prices have since retreated. The metal is currently up about 8% year-to-date, which is hardly a bad showing, but the loss of upward momentum has clearly sapped the appetite of U.S. ETF investors who had piled in during the run-up.
Asian buyers appear to be reading the same chart differently. With prices now down roughly 14% from their highs, it looks like they are viewing the pullback as a buying opportunity.
Whether that view is rewarded over the rest of the year is the question now hanging over the gold market.
Permalink | © Copyright 2026 etf.com. All rights reserved
