黄金ETF流量：2025年12月

2025 in review Highlights As the gold price shattered records 53 times in 2025, global investorspoured unprecedented capital into physically backed gold ETFs1(Chart1).Annual inflows surged to US$89bn, the largest on record as the gold pricedelivered its strongest performance since 1979. In turn, global gold ETFs’ assetsunder management (AUM) doubled to an all-time high of US$559bn, withholdings reaching a historic peak of 4,025t, up from 3,224t in 2024. This was thesecond strongest annual demandwith accumulation below prior risk periods. Global gold ETFs witnessed thestrongest year of inflows on recordin 2025, led by North America. Gold ETFs’ total AUM more thandoubled in 2025 and holdings alsorose significantly, both reachingrecord highs. North American funds drove most of the global inflows in 2025. Meanwhile,Asian holdings almost doubled, while Europe saw sizable demand. Overall,global investor enthusiasm was fuelled by: Gold market trading volumesremained stable in December,concluding 2025 with a record ofUS$361bn/day. •Rising safe-haven demandamid escalating global trade disputes,geopolitical tensions and financial market volatility•Momentum buyingas the surging gold price attracted attention•Falling opportunity costsas US Treasury yields fell and the dollar weakened. Regional gold ETF flows and the gold price* European funds continued to see inflows in December,adding US$1bn, led by the UK and Switzerland. December in review Heightened geopolitical tensions globally and stalledprogress in negotiations between Russia and Ukraine keptlocal investors’ safe-haven gold ETF buying elevated. And thegold price strength continued to drive investors in the regionto gold ETFs. Meanwhile, currency appreciation against thedollar boosted demand for FX-hedged products, mainly inSwitzerland. December marked the seventh straight month of positiveglobal gold ETF flows.2The US$10bn monthly inflow wasdominated by North America, with Asia and Europe alsoregistering gains (Table1). Aided by continued strength inthe gold price and consistent inflows, global gold ETFs’ AUMrose 5% in the month whilst holdings increased 2%. Europe saw inflows of US$12bn in 2025, reversing theregion’s two years of annual losses. In fact, the 2025 inflowranks the second highest on record. Regional overview North America posted its seventh consecutive month ofinflows, adding US$6bn in December– well above the y-t-dmonthly average of US$4bn.Shifting expectations of theFed’s monetary policy and safe-haven demand were keydrivers. Asian inflows persisted for the fourth month, attractingUS$2.5bn in December.India led the charge in December,witnessing its largest monthly inflow on record, the countryhas now registered positive flows eight months in a row,mainly supported by the strong gold price performance.Investors from China and Japan kept adding gold ETFs totheir portfolios; persistent geopolitical tensions between thetwo countries and along with a higher gold price likelysupported demand. In China,the VAT reform announced inNovembercontinued to drive jewellery buyers withinvestment motives to gold ETFs. The early December Fed meeting delivered a hawkish 25bpsrate cut as expected, with the dot plot indicating limitedfurther reduction.3But the restart of the bill-buying program,viewed as stealth easing, is expected to keep market liquidityample, boding well for all assets. Expectations for monetaryeasing grew further as investors looked to the arrival, in early2026, of a new Fed Chair who is anticipated to favour morerate cuts – a move that would support gold ETF inflows. 2025 has been an unprecedented year for Asian gold ETFs.The US$25bn flow during the year is greater than totalinflows between 2007 – when the first fund was listed in theregion – and 2024. Geopolitical tensions involving US relations with Venezuelaand Nigeria added to safe-haven buying.4And concerns overan AI-driven equity bubble and related volatility sustainedinterest in gold, an asset with low correlation to stocks. Funds in other regions recorded inflows of US$200mnduring the month, driven primarily by strong flows intoTurkey (US$155mn) and Australia (US$62mn). This pushedannual inflows to US$902mn, marking their highest level onrecord. With only two months of outflows, North American fundsadded US$51bn in 2025, the strongest year ever andaccounting for nearly 57% of the global total. Their AUM andholdings also surged to the highest ever. 3.For more, see:Fed meeting recap: December 2025, 11 December 2025.4.For more, see:What Is Happening Between the United States and Venezuela?29December 2025 andUS launches 'powerful strikes' against Islamic State in Nigeria, saysTrump. 26 December 2025. 2 .We track gold ETF assets in two ways: the quantity of gold they hold, generallymeasured in tonnes, and the equivalent value of those holdings in US dollars (AUM).We also monitor how these fund assets change through time by looking at two keymetrics: demand and fund flo