Gold ETF Holdings Hit Record High in September as Investors Keep Buying
Gold-backed exchange-traded funds added to their holdings again in September, pushing global reserves to a new record even as rising bond yields weighed on the metal's price, according to data compiled by the World Gold Council and reported by FXStreet.
Global ETF gold holdings rose by 67.3 tonnes during the month, bringing the total to a record 4,256 tonnes. For the third quarter as a whole, inflows reached 211 tonnes, valued at a record $31 billion. Even so, total assets under management by gold funds fell 7 percent in September to $574 billion as the gold price pulled back. Despite that monthly dip, AUM still grew 9 percent for the full quarter.
North American funds led September's buying, adding 27.7 tonnes worth $4 billion. Across the quarter, North American AUM climbed $12 billion, which the World Gold Council called the first quarterly inflow of 2026, a reversal from the weak start to the year that brought year-to-date flows to a positive $4.1 billion. The Council noted this came despite a "challenging domestic backdrop," pointing to a quarter-point interest rate increase from the Federal Reserve and signals that more tightening could follow. Those moves pushed up Treasury yields and the dollar, raising the cost of holding gold. Still, the Council said persistent inflation, high energy prices, worries about equity valuations in AI-related sectors, and bond-market volatility likely kept gold attractive as a diversifier, with some investors treating the price dip as a chance to build positions rather than cut them.
European funds also had a strong month, adding 21.7 tonnes worth $3.6 billion in September, after setting a quarterly record of $14 billion in European ETF gold buying during Q3. UK-based funds were the main driver, adding $2.2 billion in September alone and recording inflows in 12 of the 13 weeks of the quarter for a total of $7.5 billion, the strongest run since 2022. The Council linked this to a rising gilt term premium, which it said may reflect investor concern over inflation, fiscal sustainability and sovereign bond risks.
Asian funds added 16.2 tonnes worth $2.3 billion in September, marking a third straight month of inflows after a pause last summer. Chinese funds posted the largest gains in the region, with rising activity also seen in India, Japan, South Korea and Singapore, which the Council said points to broad regional demand. Chinese buying continued despite a weaker gold price, which the Council tied to softness in domestic equities and falling government bond yields. Weak stock performance in India was also cited as a factor supporting gold demand there.
Funds in other regions, including Africa and Australia, added 1.7 tonnes worth $104 million, with Australian funds accounting for almost all of that gain at $106 million, offsetting modest outflows from South Africa.
Trading activity in the broader gold market was mostly stable. Average daily trading volumes slipped 2 percent to $423 billion across major segments. Over-the-counter volumes rose 1 percent to $229 billion per day, supported by a 1 percent increase in LBMA activity to $200 billion per day, above the 2025 average. COMEX trading edged down 1 percent, and net open interest in COMEX gold options fell to levels last seen in early August, though it remained well above where it stood when gold hit its record high in January. Total COMEX long positions fell 11 percent to 654 tonnes, while managed money net longs dropped 84 tonnes to 387 tonnes.
Who this affects
These figures matter most to people who hold or are considering gold exchange-traded funds as part of a retirement account, brokerage portfolio or other savings vehicle. ETFs offer a liquid way to track gold's price without storing physical metal, but as the source notes, owning ETF shares means holding a paper claim rather than metal itself, and questions can arise about whether a fund's holdings are fully backed during periods of strong inflows.
As a personal finance writer who focuses on making money, insurance and benefits news easier for everyday households to follow, it's worth noting that broad market data like this describes overall trends, not guidance for any one household's savings or retirement plan.
Anyone with gold exposure in a retirement account, brokerage account or elsewhere should review how these holdings fit their own financial picture with a licensed financial professional before making any changes.
Source: FXStreet
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