In the first half of the year, global gold ETF saw a net inflow of $800 million, with Asian buying offsetting the decline in Europe and the US, while lower gold prices dragged the total size down by 6%.

⑴ According to a report by the World Gold Council, global exchange-traded funds (ETFs) continued to see net outflows of $8.9 billion across all regions in June. However, thanks to strong buying in the Asian market, global gold ETFs still recorded a net inflow of $8 billion in the first half of the year, with clear regional divergence.⑵ As of the end of June, global gold ETF assets under management fell to $526 billion, down 6% in the first half of the year, mainly due to falling gold prices. However, total holdings unexpectedly increased by 18 tonnes to 4,047 tonnes, indicating that some investors chose to increase their positions during price corrections rather than exit.⑶ Gold market trading activity declined in June, but the daily average transaction volume for the first half of the year still hit a record high of $488 billion. The frequent occurrence of geopolitical conflicts combined with macroeconomic uncertainty continues to provide abundant liquidity for the gold market.