Gold exchange-traded funds recorded approximately $2 billion in net outflows in May 2026, representing a 2% decline in total assets under management for physically backed gold ETFs globally, dragging AUM down to $604 billion. This follows March 2026’s record-setting $12 billion monthly pullback, the largest single-month outflow in history.
Where the money is leaving, and where it isn’t
North America accounted for about $1.1 billion of May’s total outflows. The region’s dominant gold vehicles, SPDR Gold Shares (GLD) and iShares Gold Trust (IAU), have been under persistent redemption pressure. GLD alone experienced over $4.8 billion in outflows earlier in 2026.
Europe recorded modest inflows during the same period. That divergence suggests this isn’t a universal rejection of gold but rather a regional story driven by different risk appetites and macro outlooks on opposite sides of the Atlantic.
Despite May’s outflows, year-to-date inflows still sit at nearly $17 billion, meaning the recent pullback represents a correction within a broader trend of accumulation.
