Global gold ETFs added 17.6 tonnes on net through the first half of 2026, even after outflows in May and June. Asia posted its best H1 on record while North America logged its weakest since 2013.
Gold ETFs worldwide finished the first half of 2026 with more metal than they started, adding 17.6 tonnes on net from January through June despite outflows in May and June. Every region except North America reported inflows.
The gain came against falling prices. Global gold ETF assets under management dipped to $526 billion in June as gold prices declined, and total AUM dropped 6% across the half.
North America drags, Asia surges
North American funds shed metal all half, cutting holdings 60.5 tonnes worth $7.7 billion — the weakest first half for the region since 2013. June alone saw 42.4 tonnes exit. The World Gold Council said higher interest rate expectations are creating headwinds for the metal, particularly in North America.
The council said the market interpreted signals from new Fed Chair Warsh as hawkish, and that the US-Iran conflict pushed inflation fears up, intensifying expectations of higher rates ahead. It said that anticipation raised investors' opportunity costs of holding gold, "rising real yields and a strengthening dollar, pushing up investors' opportunity costs of holding gold".
Asia moved the other way. Asian gold ETFs booked their best H1 on record, adding 69.7 tonnes worth $12 billion, even after a 17.5-tonne outflow in June — the region's worst month on record. That June drop was driven mainly by Chinese selling as equity gains and a lower gold price cooled demand.
Europe adds, trading volumes cool
European funds added 8.2 tonnes worth $3.2 billion over the half, though 12.1 tonnes left in June as price weakness drove net sales. Funds elsewhere, including Australia and Africa, barely moved with a 0.2-tonne increase.
Activity slowed into the summer. Gold trading volumes fell 13% month-on-month in June to $337 billion per day, yet market liquidity still reached a record $488 billion per day for the half. COMEX net longs rebounded 16% to 538 tonnes, their highest month-end level since January.
Source: Money Metals Exchange
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