Futures Blaze a Trail for Gold ETFs

Gold ETF outflows in Europe and Asia outweighed North American inflows in January

Global physically backed gold ETFs kicked off 2023 with net outflows of US$1.6bn in January and a 26t (-0.8%) decline in total holdings to 3,446t. While the gold price witnessed its strongest January in a decade, registering a gain of 6.1%, gold ETF outflows in Europe and Asia dwarfed positive demand in North America and other regions.

Overall, collective gold ETF assets under management (AUM) increased by 5.3% to US$213bn by the end of the month, aided by the gold price increase despite outflows in tonnage terms.