Gold-Backed ETF Holdings Set Month-End Record As Metal Rises

Gold holdings in exchange-traded funds climbed to a month-end peak, a sign that investor inflows are continuing to add fuel to bullion’s scorching rally.

Total holdings by ETFs increased to 3,932 tons at the end of November, a sixth consecutive month of growth, according to data from the World Gold Council. With more than 700 tons of this total purchased in 2025, inventories are set for their biggest-ever year of growth, the WGC said in a report.

ETF holdings have risen every month this year except May, in both dollar and tonnage terms. Asia was the key driver of November inflows, with China the single biggest contributor to growth, driven by equity market weakness and geopolitical tensions. India has also recorded six straight months of net inflows, the WGC data showed.

Gold has been gaining steadily since late 2022, but its growth has accelerated dramatically this year. The precious metal is on track for its best annual performance since 1979, with investors seeking havens from risk and piling into alternative assets as part of a wider retreat from sovereign bonds and currencies.

This so-called debasement trade has benefited assets like precious metals and Bitcoin amid concerns about fiscal deficits in major economies. Investors have also been drawn to bullion as the Federal Reserve shows greater readiness to cut interest rates, with lower borrowing costs a tailwind for non-yielding assets like gold.

“ETF investors have been a price maker over the past four to six months, rather than a price taker,” said Rhona O’Connell, head of market analysis at StoneX Financial Ltd., adding that recent inflows are likely to continue given the general rotation into hard assets like gold.