Global Gold ETFs Draw USD 18 Billion in August as Holdings Hit Record 4,189 Tonnes

Global gold ETFs attracted net inflows of USD 18 billion in August 2026, or about RMB 120 billion, the second-largest monthly inflow on record. Holdings rose by 121 tonnes to 4,189 tonnes, a record high, while total assets under management increased 16% month on month to USD 615 billion. So far in 2026, global gold ETFs have drawn cumulative inflows of USD 29 billion, or about RMB 194 billion, equivalent to an increase of 160 tonnes. By region, gold ETFs in North America, Europe and Asia all recorded inflows. In terms of price, London spot gold rose 9.8% cumulatively from August 2026, peaking at USD 4,696.16 an ounce. On August 28, 2026, gold fell 3.2% in a single day after Federal Reserve Chair Warsh delivered remarks, and in September 2026 it entered a phase of high-level consolidation, currently hovering around USD 4,300 an ounce. In terms of background events, on July 31, 2026, the United States intervened in the foreign exchange market to support the yen; on August 19, 2026, the US Treasury intervened in the government bond market. Long-term US Treasury yields remained at elevated levels, and the US-Iran conflict escalated. Inflows into physically backed gold ETFs typically mean the funds must buy corresponding physical gold in the market, and growth in gold ETF scale transmits directly to physical gold demand.