Demand for gold ETFs has slowed sharply in the United States this year, but flows elsewhere paint a very different picture, according to data from the World Gold Council.
U.S.-listed gold ETFs have seen net outflows of $1.7 billion so far this year, a notable pullback from 2025, when U.S. investors poured nearly $50 billion into the category. That represented more than half of the $89 billion that poured into gold ETFs globally last year.
The outlook so far in 2026 looks quite different. Global flows remain positive, with $18.9 billion in net inflows, but the United States is no longer doing the heavy lifting. Asia accounts for the largest share at $16 billion, while European funds have added another $3.7 billion.
China alone has contributed $9.2 billion of the Asian total, led by the Huaan Yifu Gold ETF, which has earned $2.7 billion so far this year. India is second by country with $3.5 billion in admissions, followed by the United Kingdom with $2 billion, Switzerland with $1.9 billion and Japan with $1.3 billion.
It is perhaps appropriate that China and India top the list of buyers, given that the two countries already dominate the physical gold market. Together they account for approximately half of global jewelry demand.
The twist is that the most popular single gold ETF in the world this year is still American. He SPDR Gold MiniShares Trust (GLDM) has attracted $4.1 billion of net inflows, comfortably ahead of the second-place Huaan Yifu fund.
After rising 65% in 2025 and adding another 25% at its January peak, gold prices have since retreated. Currently, the metal is up around 8% year-to-date, which is not a bad result, but the loss of bullish momentum has clearly sapped the appetite of US ETF investors who had piled in during the previous period.
Asian buyers appear to be reading the same chart differently. Now that prices are down about 14% from their highs, it appears they are viewing the pullback as a buying opportunity.
The question now hanging over the gold market is whether that vision will pay off over the rest of the year.
Permanent link | © Copyright 2026 etf.com. All rights reserved