黄金ETF流量：2025年9月

Q3 in review Highlights Global physically backed gold ETFs1recorded their largest monthly inflow inSeptember,resulting in the strongest quarter on record of US$26bn (Chart1).2North American investors led the charge for most of the quarter; atUS$16.1bn, the inflow represents the largest Q3 and second largest quarter onrecord. European funds also saw hefty buying and registered the region’ssecond-strongest quarter (US$8.2bn), coming in just US$74mn shy of theirrecord set in Q1 2020. Asia buying slowed during the quarter (US$1.7bn), whilefunds in other regions (US$28.2mn) were relatively flat.(Table1,p2). Global gold ETFs recorded theirlargest monthly inflow inSeptember, resulting in thestrongest quarter on record. The surging gold price and heftyinflows brought global gold ETFs’total AUM to another record high. By the end of Q3, global gold ETFs’ total assets under management (AUM)reached US$472bn (+23% q/q) reaching another record high. Holdings rose 6%q/q to 3,838t, only 2% shy of the peak of 3,929t, recorded in the first week ofNovember 2020. Gold market trading volumessurged, averaging US$388bn perday. Regional gold ETF flows and the gold price* Asia registered positive flows of US$2.1bn in September,saving the quarter to end with inflows.China (US$622mn)and Japan (US$415mn) drove a large bulk of the region’sinflows: we believe the strong gold price performance inlocal currencies was a key factor. However, India led theregion with inflows of US$902mn. We attribute this tofavourable local currency dynamics and increasedinvestment demand as investors look for safe havens amidweaker domestic equities and persistent geopolitical andtrade risk. Regional overview North American funds added US$10.6bn in September,the region’s fourth consecutive monthly inflow.Strengthin demand throughout the month and the quarter weredriven by similar factors: •Ongoing trade, policy, and geopolitical risks continue topersist with no clear signs of abatement •Dollar weakness persisted and now faces furtherpressure from the government shutdown. However, thedollar looks oversold technically and positionally, riskinga short squeeze•Expectations of lower yields ahead, as the Fed delivereda 25bps cut during the month, also helped.3The marketis now pricing in one to two cuts by year-end•With the gold price repeatedly breaking records,investor interest rose. Funds in other regions recorded a modest inflow ofUS$175mn in September, yet their Q3 flows remained flatat US$28mn.Australia led inflows (US$182mn) in the month,but these were partially offset by South African outflows(US$65mn). Chart 2: Global inflows on pace for record year Annual net cumulative flows of physical gold backed ETFs* Meanwhile, equities have reached new highs, and despitetheir recent resilience to macro data surprises, we thinkinvestors may be positioning themselves for a pullback. Thishas likely helped support gold demand, as investors look toadd safe-haven assets. European funds have now logged five straight months ofinflows, adding US$4.4bn in September.This was theregion’s third strongest month ever in terms of gold ETFinflows. The UK, Switzerland, and Germany again led activity.We believe the strong gold price rally has been a keycontributor for gold ETF demand across the region. The ECBand BoE kept rates unchanged in the month, while inflationrose, lowering real rates and increasing policy uncertainty.Flows reflected both protection and momentum as investorssought a purchasing-power hedge and leaned into thebreakout. Meanwhile, continued stagflation fears in the UKcould be another key factor attracting gold ETF inflows. Total net longsin COMEX gold rose 23% during themonth, concluding at 806t.6Money manager net longsrose 7% to 493t. Other net longs drove a notable share ofdemand, increasing 33% to 313t and reaching their highestlevel since 13 September 2022. Volumes rally with gold price Gold market trading volumessurged in September,averaging US$388bn per day–increasing 34% m/m.4Thejump in volumes occurred across all trading segments asgold prices moved higher; in fact, the gold price set 13 newATHs during the month.5 This increase in demand was largely driven by factors similarto those we flagged earlier, such as dollar hedging, inflationconcerns, geopolitical tensions, and ongoing US governmentrisks, including the shutdown in early October.7 Exchanges led the way increasing 66% m/m to an average ofUS$188bn/day – with trading at both COMEX (+58%) andShanghai Futures Exchange (+84%) driving the bulk of theflows. Against this backdrop, investors piled into the gold trade,and consecutive price increases ensued throughout themonth. OTC trading activities rose to US$191bn/day, an increase of12% m/m and 50% higher than the 2024 average ofUS$128bn/day. Gold ETF trading volumes exploded,reaching US$8bn/day, increasing 84% m/m. This wasprimarily led by North American funds, which saw averagevolumes of US$6.5bn/day (+78%m/m) and accounted for78