Global gold ETFs closed H1 2026 with US$8 billion of net inflows; physical holdings reached 4,047 tonnes

According to the latest World Gold Council report, global gold exchange traded funds (ETFs) closed the first half of 2026 with net inflows of about US$8 billion, a figure that stayed positive despite the sharp price swings of the period. Total assets under management reached roughly US$526 billion by the end of June, down about 6 percent since the start of the year on the lower gold price, yet the physical tonnage held rose by 18 tonnes to 4,047 tonnes.

The picture diverged across regions: Asian funds recorded their strongest first half on record with US$12 billion of inflows, while North America was the only region to see outflows, posting its weakest first half since 2013 with US$7.7 billion withdrawn. Analysts tied those outflows to expectations that the US Federal Reserve will keep interest rates higher to curb the energy-driven inflation of the Iran-US war.

Global gold peaked at a record US$5,589.38 an ounce on January 28 before retreating during the Strait of Hormuz crisis, ending the first half near US$4,000 on June 30. Gold remains the reference asset for Iranian savers, and global capital flows into the metal also shape domestic expectations.