Global physically backed gold exchange-traded funds attracted a net $6.6 billion in April, snapping back from March's record $12 billion in withdrawals. The inflow helped push total assets under management up 1% month-over-month to $615 billion, according to data from the World Gold Council. Gold prices slipped just 1.12% in April, a far milder decline than the 13% plunge in March — the sharpest monthly drop since 2008.
April inflows reverse March rout
The April rebound erased roughly half of the prior month's outflows and brought year-to-date net inflows to $19 billion. Collective gold holdings rose 45 tonnes to 4,137 tonnes, the third-highest level on record. The turnaround was broad-based: European funds added $3.7 billion, Asian funds $1.8 billion, and North American funds $1 billion.
China's central bank adds 8 tonnes
The People's Bank of China bought just over 8 tonnes of gold in April, extending its consecutive monthly buying streak to 18 months. That was Beijing's largest monthly addition since December 2024 and brought total official holdings to roughly 2,322 tonnes. In March the bank purchased 5 tonnes, making the two-month accumulation the largest since the first quarter of 2025.
Year-to-date, China's central bank has bought more than 15 tonnes of gold, putting it on track for its biggest annual purchase since 2023. Since 2022, the PBOC has increased its gold reserves by 372 tonnes, a 19% rise that cements it as one of the world's most aggressive official gold buyers.
Regional breakdown shows European strength
European-listed gold ETFs led the April surge with $3.7 billion in net inflows, followed by Asia at $1.8 billion and North America at $1 billion. The regional disparity reflects varying investor sentiment: European buyers appeared to treat the March price correction as a buying opportunity, while North American demand remained more measured.
The 45-tonne increase in global holdings brought the total to 4,137 tonnes, just shy of the all-time highs reached in 2020 and 2024. The combination of ETF demand and central bank purchases continues to absorb a significant share of annual mine production.
China's buying streak shows no signs of slowing. With 18 straight months of additions and the April purchase the largest in 16 months, the PBOC appears determined to diversify its reserves. The next monthly data release, expected in early June, will reveal whether the buying pace continues or tapers.
