Global gold ETFs pulled in $6.6 billion in April, reversing a record $12 billion outflow from March as investors across every region rotated back into bullion.
Gold ETF Inflows Return
Physically backed gold ETFs flipped positive last month after the steepest monthly drawdown on record, according to the World Gold Council. The recovery touched every region, with European funds leading the rebound.
European products absorbed $3.7 billion, Asian funds added $1.8 billion, and North American funds drew $1 billion.
The April rotation lifted total assets under management 1% month over month to $615 billion. Combined holdings climbed 45 tonnes to 4,137 tonnes, the third-highest reading on record and just below the all-time peak of 4,176 tonnes set on Feb. 27.
Year-to-date inflows now sit at $19 billion. India extended its streak to 11 straight months with $297 million, while Japan attracted $246 million.
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Why The Rotation Matters
Analysts tie the European surge to geopolitical risk. The World Gold Council said positive flows "appeared linked to heightened geopolitical and geoeconomic risks," with the United Kingdom, Switzerland and Germany all contributing meaningfully.
Bullion stabilized as flows returned. Gold edged down 1.12% in April after a 13% plunge in March, the metal's worst month since 2008.
The price reset followed a record high of roughly $5,400 per ounce in early March, before correction took hold across futures, ETFs and options markets.
China's Steady Bid
The People's Bank of China kept buying through the volatility. The central bank added roughly 260,000 ounces in April, its 18th consecutive monthly purchase and largest since late 2024. Official holdings now stand near 74.64 million troy ounces, valued around $344 billion.
The PBoC restarted purchases in November 2024 after a six-month pause. Central banks globally bought 244 tonnes in the first quarter, a figure that topped both the prior quarter and the five-year average, World Gold Council data shows. The buying supports a broader reserve diversification away from dollar assets, analysts say.
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