Investors poured $1.1 billion into physical gold-backed ETFs during the week ending around June 20-21, a figure that translates to roughly 5.1 tonnes of the metal finding its way into fund vaults. It’s the biggest weekly inflow, both in dollar terms and tonnage, since mid-April.
Here’s the thing: this wasn’t just a good week. It was a reversal. Gold ETFs had been hemorrhaging capital for four straight weeks, losing a combined $7.6 billion and 58.2 tonnes of holdings.
The numbers behind the turnaround
May was rough for gold funds. The month saw approximately $2 billion in net outflows globally. Europe was the lone bright spot, managing to attract $334 million in positive flows while every other region watched money walk out the door.
April, by contrast, was a blockbuster. That month alone pulled in $6.6 billion in new investments. Through the end of May, cumulative 2026 inflows still sat at nearly $17 billion.
