Global gold ETFs attracted 18 billion in a single month, with the risk-averse surge pushing holdings to a new record high

⑴ According to data from the World Gold Council, global gold ETFs saw a net capital inflow of approximately $18 billion in August, marking the second-largest single-month inflow in history. The total assets under management rose to around $615 billion. ⑵ The total holdings reached a record high of about 4,190 tonnes, with North America contributing the third-largest single-month inflow on record, and the European market posting its strongest monthly performance ever. Together, both regions accounted for nearly 90% of global demand. ⑶ The average daily trading volume in all major market segments rebounded by about 20% month-on-month, indicating a significant recovery in gold market activity and reflecting a simultaneous increase in risk-averse sentiment and allocation demand. ⑷ Ongoing geopolitical tensions combined with uncertainty over the trajectory of global monetary policy have driven investors to view gold as a core tool for hedging tail risks, with ETFs becoming the primary channel for increased holdings in this round. ⑸ Going forward, the key lies in whether real interest rate trends and dollar strength can resonate; if the macro environment maintains its current tone, the inflow trend into gold ETFs may still have room to continue.