Gold ETFs Pull in $6.6B in April as Europe Leads Inflows

Global physically backed gold ETFs drew $6.6 billion in April, reversing a record $12 billion outflow in March. European funds accounted for $3.7 billion of April inflows, with Asian funds adding $1.8 billion and North American funds $1.0 billion.

Bullion’s price decline eased in April, falling 1.12% after a 13% drop in March, the largest monthly fall since 2008.

Total assets under management in global physically backed gold ETFs rose 1% month on month to about $615 billion. Combined holdings increased by 45 tonnes to 4,137 tonnes, the third-highest level on record. Year-to-date, the funds have netted $19 billion.

The heavy March withdrawals followed heightened US–Iran tensions. April flows recovered much of that lost capital across regions.

China’s central bank added more than 8 tonnes of gold in April, extending its buying streak to 18 months and taking official holdings to roughly 2,322 tonnes. The central bank has bought about 15 tonnes year-to-date. Since 2022, official holdings have risen by about 372 tonnes, or 19%.

Market participants pointed to Middle East developments and Federal Reserve policy expectations as factors investors will watch for signs about whether inflows continue. Reserve movements and ETF allocations were cited as indicators of demand for physical gold.