Following significant outflows in March, global physically backed gold ETFs recorded inflows of USD 6.6 billion during the month. According to the report, all regions recorded positive inflows with European funds leading the recovery.
April’s expansion took global gold ETFs’ total assets under management to USD 615 billion, a month-on-month (MoM) increase of 1 percent. Collective holdings also increased by 1 percent to 4,137 tonnes. The figure was the third highest ever and slightly below the record high of 4,176 tonnes set on 27 February 2026.
“India recorded positive inflows of USD 297mn in April, its 11th consecutive month of inflows, and Japan attracted USD 246mn,” the report highlighted.
China led the Asian region during the month. Funds in Hong Kong added a record USD 732 million, supported by new product listings. Meanwhile, gold ETFs in mainland China continued to draw USD 498 million inflows amid heightened geopolitical tensions, falling yields and continued official-sector gold purchase announcements.
“Gold ETFs in Asia extended their inflow streak to eight months, adding USD 1.8bn in April,” the report said.
Similarly, European funds saw huge inflows of USD 3.7 billion in April, turning their year-to-date (YTD) total from negative to positive. The United Kingdom led the surge, while Switzerland and Germany also contributed meaningfully to the regional total.
The report noted that “positive trends in the region appeared to be associated with heightened geopolitical and geoeconomic risks, as investors assessed the inflationary consequences of a longer Iran conflict and associated pressures on energy prices.”
With local equities retreating and the Bank of England acting less dovish than expected, the WGC said investor interest in gold strengthened as prices stabilized.
North America reversed course in April recording capital inflows of USD 1 billion. The rebound was concentrated in the first half of the month as gold recovered from its March lows and broader market pressure eased. “Flows softened again in the latter part of April as the US-Iran conflict showed signs of further escalation and higher opportunity costs re-emerged from a stronger dollar and higher yields,” the report mentioned.
Funds in other regions recorded solid inflows of USD 106 million. In contrast to the choppier flow pattern seen in larger regions, these markets saw steady, modest buying during April, led by Australia and South Africa.
Global gold market trading volume fell 24 percent in April to $398 billion per day, the report said. Despite the decline, volumes remained above the 2025 average of USD 361 billion per day, indicating ample liquidity in the gold market. Over-the-counter volume fell 10 percent to USD 244 billion per day but was better than the 2025 average.
The WGC highlighted that positioning data pointed to modest easing in total COMEX net longs, which fell 4 percent to 477 tonnes in the month. The managed money position was briefly rebuilt after the March sell-off, when an increase of 15 tonnes at the start of the month was offset by a month-end sell-off of around 23 tonnes.
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