Global physically-backed gold exchange-traded funds (ETFs) attracted $6.6 billion in April, reversing heavy outflows in March.
A record $12 billion was drained from global gold ETFs in March, the largest monthly outflow on record, as tensions between the United States and Iran weighed on bullion. But as the chart below shows, investments returned to gold in April, with Europe and Asia bringing more capital into the market.
Gold flows reversed course in April
The return of flows came with the stability of gold prices. Bullion fell 1.12% in April after falling 13% in March The largest monthly decline since 2008.
Year to date, global gold ETFs have recorded $19 billion in net inflows. Total assets under management rose 1% month-on-month to $615 billion, while collective holdings increased by 45 tons to 4,137 tons, the third highest level ever.
The flow reversal coincided with a much smaller decline in prices. Bullion fell only 1.12% during the month, compared to March’s decline of 13%. Which It was characterized by the most severe monthly Decline since 2008.
All regions contributed To April recovery. European funds added $3.7 billion, Asian funds added $1.8 billion, and North American funds added $1 billion. Year-to-date, global gold ETFs have generated $19 billion.
These inflows raised total assets under management by 1% month-on-month to $615 billion. In addition, combined gold holdings rose by 45 tons to 4,137 tons The third highest level on register.
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China fixed bullion supply
Meanwhile, China Remained consistent Gold buyers even through the volatility caused by the war. The People’s Bank of China (PBoC) added more than 8 tons of gold in April, extending its streak of purchases to 18 consecutive months.
The People’s Bank of China’s April purchases were its largest monthly addition since December 2024, with total holdings reaching about 2,322 tons.
April’s figure comes after an addition of 5 tons in March. Together, the two months represent the largest two-month backlog in China since the first quarter of 2025, according to Kobesi’s letter.
“So far, China’s central bank has purchased more than 15 tons of gold, on track for its largest annual purchase since 2023. Since 2022, the country has officially increased its gold inventories by +372 tons, or +19%, making China one of the world’s strongest gold buyers. China is buying down gold.” mail He added.
Hence, April’s rebound indicates gold’s role as a safe haven The wallet anchor has not faded. The continued recovery depends on tensions in the Middle East and expectations of interest rate hikes by the Federal Reserve.
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