黄金ETF流量：2025年11月

November in review Highlights Global physically backed gold ETFs1registered their sixth consecutivemonthly inflow, adding US$5.2bn in November (Chart1).2Although flowsnarrowed compared to previous months, they sit well above the 2024 monthlyaverage of US$292mn.Total assets under management (AUM) reachedUS$530bn, up 5.4% in the month and marking another month-end peak, thanks Global gold ETFs recorded inflowssix months in a row, led by Asia. Gold ETFs’ total AUM continued torocket, reaching another month-end peak, and holdings also November’s trend was mainly driven by Asia, where investors continued to buygold ETFs at pace. North American inflows slowed significantly from October, Gold market trading volumespulled back, falling 26% m/m to European flows flipped from negative to positive atUS$978mn in November.Equity weakness and gold pricestrength, in local currencies, contributed to the shift, with theUK and Germany leading inflows in the region. In the UK,fiscal plans in the Autumn Budget, announced around the Regional overview North America’s inflow streak extended to six months,adding US$1bn in November.Flows were relativelysubdued compared to the record buying of previousmonths, reflecting the offsetting forces that have shaped Asian funds attracted US$3.2bn in November, markingthe region’s third consecutive monthly inflow.Once againChinese investors led the region, adding US$2.2bn. Equitymarket weakness, a rebounding gold price and geopoliticaltensions encouraged gold ETF investment in China andJapan. China’snewly announced VAT reformmay havefurther boosted flows as jewellery buyers with investment •The upward trending gold price, which ended the month •Towards the end of the month, investor expectations of aFed cut intensified, as softer inflation indicators provided •Geopolitical risks resurged amid rising US-Venezuelatension. Inflows were partially offset by outflows, influenced by: •Cooling investor expectation – during most of November– of a December Fed cut amid resilient economic data and •Lowering geopolitical tensions earlier in the month due toprogress toward peace in Ukraine. Funds in other regions saw a mild loss of US$38mn lastmonth asAustralian inflows (+US$12mn) were unable tooffset outflows from South Africa (-US$53mn). And with swings in the equity market, local investors mayhave sought to cover losses in other areas by selling goldETFs and benefiting from their vast liquidity and strong y-t-d In tonnage terms, global gold market liquidity averaged3,167t/day in November (-26% m/m) – 6% higher than the2024 average. All segments of the gold market experiencedcooler trading activity in the month: LBMA OTC (-25%,1,287t/day) and COMEX (-24%, 1,129t/day) drove declines in Volumes stayed elevated Gold market trading volumespulled back, averagingUS$417bn in November, down 26% compared to therecord level set in October.5Nonetheless, global goldvolumes remain well above their 2024 average of COMEX money manager net longscontinued to experiencedata release delays, showing declines as of 14 October – thelatest available. Their open interest trended up and down, OTC trading was lower by 24% m/m to US$188bn/day,primarily on reduced LBMA volumes (US$169bn/day, -25%).And exchange-traded volumes fell 26% to US$221bn/day,likely impacted by reduced gold price volatility in the month.Meanwhile, global gold ETF trading activity plunged 50% World Gold Council Research We are a membership organisation that champions the rolegold plays as a strategic asset, shaping the future of aresponsible and accessible gold supply chain. Our team of Jeremy De Pessemier, CFAAsset Allocation Strategist Johan PalmbergSenior Quantitative Analyst Kavita ChackoResearch Head, India Krishan GopaulSenior Analyst, EMEA We drive industry progress, shaping policy and setting thestandards for a perpetual and sustainable gold market. Louise StreetSenior Markets Analyst Marissa SalimSenior Research Lead, APAC Ray JiaResearch Head, China Taylor BurnetteResearch Lead, Americas JuanCarlos ArtigasGlobalHead of Research Market Strategy John ReadeSenior Market Strategist, Joseph CavatoniSenior MarketStrategist, Further information: Data sets and methodology visit:www.gold.org/goldhub Contact:research@gold.org Important information and disclaimers © 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the WorldGold Council or its affiliates. Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent ofWorld Gold Council or the appropriate copyright owners, except as specifically provided below. Information and The use of the statistics in this information is permitted for the purposes of review and commentary (including mediacommentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts ofdata or analysis be used; and (ii) any and all