Global physically backed gold ETFs recorded $6.6 billion in inflows during April 2026, marking a significant recovery from notable outflows in March, according to the World Gold Council (WGC) report. This surge lifted global gold ETFs' total assets under management to $615 billion, representing a 1% increase month-on-month. Collective holdings also rose 1% to 4,137 tonnes, reaching the third highest level ever and remaining just below the record high of 4,176 tonnes set on February 27, 2026. As per the WGC report, global investors began rotating back into gold ETFs in April as markets stabilized and geopolitical risks appeared to ease.
India recorded positive flows of $297 million in April, marking its 11th consecutive month of inflows, as reported by the World Gold Council. Japan also attracted $246 million during the month, while China led the Asian region with continued inflows of $498 million amid elevated geopolitical tensions, falling yields, and official-sector gold buying announcements. Gold ETFs in Asia extended their inflow streak to eight months, adding $1.8 billion in April. Funds in Hong Kong added a record $732 million, supported by new product listings, while mainland China continued drawing inflows despite geopolitical uncertainties.
European funds saw a large inflow of $3.7 billion in April, which flipped their year-to-date total from negative to positive, with the United Kingdom leading the surge. The report noted that positive flows in the region appeared linked to heightened geopolitical and geoeconomic risks, as investors assessed inflationary implications of a more protracted Iran conflict and associated pressure on energy prices. Switzerland and Germany also contributed meaningfully to the regional total. North America reversed course with $1 billion in inflows, though the rebound remained concentrated in the first half of the month as gold recovered from March lows. Flows softened again in the back half of April as the US-Iran conflict showed signs of further escalation and higher opportunity costs re-emerged through a stronger dollar and higher yields.
Global gold market trading volumes fell 24% month-on-month to $398 billion per day in April, though they remained above the 2025 average of $361 billion per day, signalling ample gold market liquidity. Over-the-counter volumes declined by 10% to $244 billion per day but stayed well above the 2025 average. The World Gold Council highlighted that positioning data pointed to a modest easing in total COMEX net longs, which declined 4% over the month to 477 tonnes. While managed money positions briefly rebuilt after the March sell-off, early-month additions of 15 tonnes were offset by late-month selling of around 23 tonnes.
