Gold exchange-traded funds pulled in $3 billion in July, snapping a two-month streak of outflows as investors treated prices near $4,000 an ounce as a buying opportunity. Total assets under management rose 1% to $530 billion, and gold itself ended a four-month losing streak with a gain of roughly 2% for the month.
Where the July money landed
Europe led the charge, with funds in the region adding $2 billion. The UK contributed $875 million and Switzerland $657 million. Asian funds bought $616 million, keeping the region the largest contributor to inflows for the year to date.
North America added just $71 million in July, and it remains the only region with net outflows for 2026 so far. The modest North American figure suggests that while the tide has turned, the region's appetite for gold isn't as strong as it was earlier in the year.
A sharp spring slump
The July rebound follows a brutal stretch. Gold dropped more than 25% between March and June, a decline that shook many investors. Yet the slide also reset expectations, and the $4,000-per-ounce price point was enough to draw buyers back into ETFs.
Total holdings across gold ETFs rose by 23 tonnes to 4,068 tonnes by the end of July. That's still below the record 4,176 tonnes set on February 27, but the increase shows momentum is building again.
August's tailwind
Gold has added more than 5% in August so far. The advance is tied to falling oil prices, which have cooled inflation worries. Lower rates reduce the appeal of interest-bearing assets, making gold more attractive to investors who want a store of value.
The question now is whether the August rally can push holdings past the February record. That would require sustained inflows at a time when central banks are still signaling their next moves on rates. For now, the money is flowing back in.
