Gold ETF investors buy the dip, set new AUM record

Yasmine Raso

Senior Journalist, Financial Newswire

9 February 2026

Exchange traded fund (ETF) investors weren’t swayed by the slight dip in gold prices in the new year, helping global assets under management (AUM) reach a new all-time high of US$669 billion and a 20 per cent increase on the month.

According to the World Gold Council’s latest commentary, in January alone gold ETFs copped US$19 billion in inflows, with the US accounting for US$7 billion, Europe US$2 billion and Asia a whopping US$10 billion.

Other regions, of which Australia is counted, added US$295 million, with national contributions (US$202 million) singled out as a key reason the region managed to record its second consecutive month of positive flows.

“Collective global holdings rose by 120t to 4,145t, also reaching a new all‑time high,” the report said.

“All regions recorded inflows during January. North America and Asia drove global demand, with the former posting its second‑highest monthly inflow on record and the latter achieving its largest.

“Europe also saw notable inflows amid heightened geopolitical and trade tensions, while other regions extended their positive momentum for a second month.

“Even with the recent price decline, all regions except Europe saw net inflows on both 30 January and 2 February, as investors appeared to take advantage of the dip to add exposure to gold.”

The SPDR Gold Shares ETF took out top spot in terms of total fund flows (US$2.6 billion), but was closely followed by China-based Huaan Yifu Gold ETF (US$2.1 billion), SPDR Gold MiniShares Trust (US$1.8 billion) and the iShares Physical Gold ETC ($US1.1 billion).

“Gold experienced a sharp pullback into month-end, following the nomination of Kevin Warsh as the new Fed Chair. Prices had become stretched through January, making a correction increasingly likely,” the report said.

“Despite the drawdown and heightened volatility, the region still reported net positive flows on the final trading day of the month.

“During the month, inflows benefited from both the price rally and rising geopolitical tensions involving the US and regions such as Iran, Greenland, and parts of Europe, which helped sustain investor interest in gold.

“Although the Fed kept rates unchanged and highlighted expanding economic activity alongside a cautious stance on future rate decisions, questions around central bank independence linger.

“Markets remain focused on whether Kevin Warsh – should he be appointed – would align more closely with President Trump’s preferences, while the Justice Department’s subpoena of Chair Powell adds further uncertainty.

“This overhang on the future path of monetary policy, combined with investor expectations of eventual rate cuts, continues to support gold ETF demand.”

China led the Asia region’s inflows count at US$6 billion, sitting just behind the US at second globally, with India also registering US$2.5 billion.

“Robust gold prices, lingering geopolitical uncertainty, and strong institutional demand all underpinned [China’s] continued appetite for gold ETFs,” the report said.

“[Indian inflows were] supported by continued momentum in gold prices and a rotation toward diversification as domestic equities underperformed.”