January gold ETF flows surge on European demand

Europe has led a second consecutive month of positive gold ETF flows in January, as investors pour $3 billion into gold funds

Stack of gold bars with a financial chart in the background
(Image credit: Getty Images)

Flows into gold ETFs totalled $3.04 billion in January, more than tripling the total global flows seen the previous month. European gold ETFs accounted for more than the global net total, though, as North America posted $500 million of outflows.

ETFs are a popular means of investing in gold, and flows in and out of these products can often give a sense of which markets and events are driving gold demand.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Swipe to scroll horizontally
January 2025 Gold ETF AUM and flows by region

Region

AUM ($ billion)

Fund flows ($ million)

Asia

19.7

57.1

Europe

119.9

3,415.8

North America

148.7

-499.4

Other

5.9

66.3

Total

294.2

3,039.7

Global inflows / positive demand

Row 5 - Cell 1

7,655.1

Global outflows / negative demand

Row 6 - Cell 1

-4,615.3

Swipe to scroll horizontally
Bottom 10 gold fund flows – January 2025

Fund

Country

Fund flows ($ million)

iShares Physical Gold ETC

UK

1,012.1

Xetra-Gold

Germany

588.8

Invesco Physical Gold ETC

UK

465.0

Amundi Physical Gold ETC

France

395.4

Xtrackers IE Physical Gold ETC

Germany

276.2

Pictet CH Precious Metals Fund - Physical Gold ‡

Switzerland

173.5

WisdomTree Core Physical Gold

UK

159.8

Invesco Physical Gold EUR Hedged ETC

Germany

151.1

SPDR Gold MiniShares Trust

US

136.9

CSIF CH II Gold Blue DB USD ‡

Switzerland

119.4

Swipe to scroll horizontally
Bottom 10 gold fund flows – January 2025

Fund

Country

Fund flows ($ million)

SPDR Gold Shares

US

-661.0

E Fund Gold Tradable Open-end Securities Investment Fund

China P.R. Mainland

-149.8

Bosera Gold Exchange Trade Open-End Fund ETF

China P.R. Mainland

-129.8

WisdomTree Physical Gold GBP Daily Hedged

UK

-79.4

UBS ETF CH-Gold CHF hedged CHF

Switzerland

-67.7

iShares Gold Trust

US

-64.3

WisdomTree Physical Swiss Gold

UK

-60.6

Raiffeisen ETF - Solid Gold ‡

Switzerland

-52.3

1nvest Gold ETF

South Africa

-48.0

Huaan Yifu Gold ETF

China P.R. Mainland

-46.8

Dan McEvoy
Senior Writer

Dan is a financial journalist who, prior to joining MoneyWeek, spent five years writing for OPTO, an investment magazine focused on growth and technology stocks, ETFs and thematic investing.

Before becoming a writer, Dan spent six years working in talent acquisition in the tech sector, including for credit scoring start-up ClearScore where he first developed an interest in personal finance.

Dan studied Social Anthropology and Management at Sidney Sussex College and the Judge Business School, Cambridge University. Outside finance, he also enjoys travel writing, and has edited two published travel books.