黄金ETF流量：2026年6月

June and H1 in review Highlights Global investors further trimmed their gold ETF holdings in June.Physicallybacked gold ETFs1saw outflows of US$8.9bn in the month.All regionsexperienced outflows with North America losing the most. In the month, globalgold ETFs’ total assets under management (AUM) fell 13% to US$526bn, whilstholdings reduced by 74t to 4,047t. June saw continued outflows fromfunds listed in all regions, yetglobal gold ETF flows haveremained positive y-t-d. Despite June’s loss, global gold ETF flows remained positive at US$8bn in H1.Asia dominated global inflows – the region’s strongest H1 on record – whileNorth America was the only region with losses. Europe saw healthy inflows.Global gold ETFs’ AUM fell 6% in H1, reflecting the lower gold price despitepositive inflows. Collective holdings rose slightly by 18t(Chart1). Global gold ETFs’ AUM reachedUS$526bn by the end of June, a 6%fall in H1 due mainly to a lowergold price; collective holdings inthe first half were up 18t to 4,047t. Gold market trading volumespulled back in June yet the H1average reached an all-time high. Regional overview European funds lost US$818mn in June, trimming theirH1 inflows to US$3.2bn.Outflows were seen across majormarkets in the region during June. Across the region webelieve gold price weakness has been a major factor leadingto net sales of gold ETFs by investors. Also in June, theEuropean Central Bank hiked rates by 25bps, the first timesince September 2023 citing inflation concerns amid theongoing US-Iran conflict. This move may have deterred someinvestors from gold. We have also observed continuedoutflows from FX-hedged products listed in the region,mainly in Switzerland amid local currency depreciationagainst the dollar, adding to European fund losses in June. North American funds lost US$5.5bn in June, bringing theregion’s H1 outflows to US$7.7bn and resulting in theweakest first half since 2013.The notable gold pricepullback in the month served as a key driver for investors todial back their allocation to gold ETFs. As new Fed ChairWarsh sent hawkish – as the market interpreted – signalsand the US-Iran conflict pushed inflation fears up,expectations intensified of higher interest rates ahead. Thisanticipation contributed to rising real yields and astrengthening dollar, pushing up investors’ opportunity costsof holding gold. Asia witnessed outflows of US$2.3bn in June, the worstmonth on record. Despite so, the region experiencedtheir strongest H1 ever, leading global inflows withUS$12bn addition.The June loss was mainly from Chinesefunds, as local investor risk appetite continued to improveamid equity market gains and a weaker gold price. Japanesefunds also saw outflows in the month as the Bank of Japanhiked rates, pushing up local investors’ opportunity cost ofholding gold. India buckled the trend, attracting inflows inthe month as local investors remained optimistic about thegold price and view the dip as entry opportunities. Looking ahead, regional gold ETF flows could stabilise. Themacro consensus scenario in our2026 Mid-Year GoldOutlooksuggests relatively stable gold performances in H2,with potential catalysts possibly brewing a breakout in otherscenarios. Meanwhile, uncertainties surrounding geopolitics,economic growth and financial markets linger. This backdropmay continue to support investor demand for portfolioprotection and sustain interest in gold ETFs as a strategicsafe-haven allocation. Funds in other regions saw mild outflows of US$262mn inJune, trimming their y-t-d buying to US$106mn.In June,Australian funds shed US$197mn and funds in South Africalost US$36mn. Despite a weaker gold price,total COMEX net longsrebounded by 16% m/m to 538t, the highest month-endlevel since January.3It is noteworthy that managed moneynet longs have been rising since early June despite aweakening gold price. A closer look at the CFTC positioningdata reveals a divergence across investor cohorts: while non-reportable net longs – a proxy for retail participation –reduced during the month, other reportables, which capturelarge trades outside the managed money category,increased by 16% m/m. An unprecedented H1 Global gold market trading volumes2moderated in June,falling 13% m/m to an average of US$373bn/day asactivity cooled across over-the-counter (OTC) andexchange-traded markets.OTC activities declined 13% toUS$214bn/day, although continued to run well above the2025 average of US$180bn/day. Trading volumes at theLBMA averaged US$187bn/day in June, 14% lower than Maybut 16% higher than the 2025 average. Meanwhile,exchange-traded contract volumes fell 13% toUS$153bn/day. The notable exception was the gold ETFmarket, where trading activity increased 23% m/m toUS$6.9bn/day, reflecting sustained investor interest. Over H1, managed money net longs remained broadlystable, declining by just 43t y-t-d. Investor behaviour throughH1 differed: retail positioning largely tracked short-termprice movements while larg