Global investors shifted back to gold ETFs in April, with India recording inflows of $297 million—its 11th consecutive month of positive flows, according to a report from the World Gold Council (WGC). Following notable outflows in March, global physically backed gold ETFs saw inflows totaling $6.6 billion for April.
All regions reported positive flows, with European funds leading the rebound. This uptick boosted global gold ETFs’ total assets under management to $615 billion, marking a 1 percent increase month-on-month (m-o-m). Collective holdings rose by 1 percent to 4,137 tonnes, which is the third-highest on record and just below the peak of 4,176 tonnes achieved on February 27, 2026. “India recorded positive flows of $297 million in April, marking its 11th straight month of inflows, while Japan attracted $246 million,” the report stated. Notably, China led the Asian region, with funds in Hong Kong adding a record $732 million supported by new product listings.
In mainland China, gold ETFs attracted $498 million amid heightened geopolitical tensions, declining yields, and continued official-sector buying announcements. “Gold ETFs in Asia extended their inflow streak to eight months, collectively adding $1.8 billion in April,” the report noted.
European funds experienced a significant inflow of $3.7 billion in April, turning their year-to-date (YTD) total from negative to positive. The United Kingdom spearheaded this growth, with Switzerland and Germany also contributing significantly.
The report emphasized that “positive flows in the region appeared linked to heightened geopolitical and geoeconomic risks,” as investors assessed possible inflation impacts from a prolonged Iran conflict and rising energy prices. With local equities declining and the Bank of England adopting a less hawkish stance, WGC indicated that investor interest in gold likely increased as prices stabilized.
North America also experienced a turnaround, recording inflows of $1 billion in April. This recovery was concentrated early in the month as gold prices rebounded from March lows amid easing broader market pressures. “Flows softened again in the latter half of April due to escalating tensions in the US-Iran conflict and the emergence of higher opportunity costs amidst a stronger dollar and rising yields,” the report stated.
Other regions recorded solid inflows of $106 million throughout April, characterized by steady, marginal buying led primarily by Australia and South Africa. The report also highlighted that global gold market trading volumes fell by 24 percent m-o-m to $398 billion per day in April.
Despite the decline, trading volumes remained above the 2025 average of $361 billion per day, indicating sufficient liquidity in the gold market. Over-the-counter trading volumes decreased by 10 percent to $244 billion per day but remained well above the 2025 average.
The WGC report indicated a modest easing in total COMEX net longs, which fell by 4 percent over the month to 477 tonnes. Although managed money positions briefly rebuilt following March’s sell-off, early-month additions of 15 tonnes were countered by late-month selling of approximately 23 tonnes.
Published on May 9, 2026.
