黄金ETF流量：2026年1月

January in review Highlights Global investors continued to build allocations to physically-backed goldETFs1in the new year (Chart1).In January, gold ETFs attracted US$19bn – thestrongest month on record. January’s net buying, combined with a 14% surge inthe gold price, pushed global gold ETF assets under management (AUM) to a Global gold ETFs continued toattract inflows in the new year,pushing both their total AUM andcollective holdings to all-time All regions recorded inflows during January. North America and Asia droveglobal demand, with the former posting its second‑highest monthly inflow onrecord and the latter achieving its largest. Europe also saw notable inflows amid Investors from North America andAsia bought the most whilst Even with the recent price decline, all regions except Europe saw net inflows onboth 30 January and 2 February, as investors appeared to take advantage of the Gold market trading volumessurged in January, concluding the The region had to contend with broader market volatilitystemming from EU preparations for retaliatory tariffs4andpressure on export‑heavy economies, reinforcing demand Regional overview North America carried its strong momentum into the newyear – adding US$7bn in January – and has now reported In the UK, which led regional inflows, persistently elevatedinflation5and renewed political tensions further fuelledinvestor appetite for gold ETFs as a hedge against both Gold experienced a sharp pullback into month-end, followingthe nomination of Kevin Warsh as the new Fed Chair.2Priceshad become stretched through January, making a correctionincreasingly likely. Despite the drawdown and heightened Asian funds reported US$10bn in January, a pace wellabove their 2025 average and the fifth consecutivemonthly inflow – their strongest month on record.Theregion accounted for 51% of net global inflows, an especially During the month, inflows benefited from both the price rallyand rising geopolitical tensions involving the US and regionssuch as Iran, Greenland, and parts of Europe, which helped China once again led the region’s inflows (US$6bn), rankingas the second-largest source of inflows globally, closelybehind the US. Robust gold prices, lingering geopolitical Although the Fed kept rates unchanged and highlightedexpanding economic activity alongside a cautious stance onfuture rate decisions, questions around central bankindependence linger. Markets remain focused on whetherKevin Warsh – should he be appointed – would align more India also delivered sizeable inflows of US$2.5bn, supportedby continued momentum in gold prices and a rotation Funds in other regions registered positive flows at thestart of 2026, adding US$295mn. This marked the region’ssecond consecutive month of inflows, driven primarily by European inflows have now persisted for three months ina row, adding US$2bn in January.Strong gold priceperformance and escalating geopolitical and trade frictionsbetween the US and Europe – particularly President Trump’s 2.Trump Nominates Kevin Warsh to Succeed Jerome Powell as Fed Chair| WSJ| 30January 20263.US President Donald Trump's tariff threat tests European alliances| AP News | 18 4.EU to suspend 93 billion euro retaliatory trade package against US for 6 months|Reuters | 23 January 2026. Volume in tonnage terms moved in tandem, averaging3,998t/day in January, up 35% m/m and well above the 2025average of 3,247t/day. This represents the strongest month Volumes spike with volatility Global gold market trading volumes6surged to anaverage of US$623bn/day in January, marking a 52% m/mincrease and standing 72% above the 2025 average.7This Positioning data showed a moderation:total COMEX netlongsfell 6% during the month to 642t.8This decline,however, does not capture the final days of elevatedvolatility. Money manager net longs slipped 4% to 378t, while Over-the-counter (OTC) activity strengthened, with volumesrising to US$280bn/day (+29% m/m) on the back ofincreased LBMA trading. Meanwhile, elevated price volatilitysupported a sharp pick-up in derivatives trading acrossmajor exchanges, where volumes climbed to US$320bn/day 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 ofexperts builds understanding of the use case and 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 JiaResearchhead, (Asia Pacific, ex- Taylor BurnetteResearch Lead, Americas JuanCarlos ArtigasGlobalHead of Research Market Strategy John ReadeSenior Market Strategist, Joseph CavatoniSenior MarketStrategist, Further informa