Gold ETF Commentary

Global gold-backed ETFs saw US$2bn in outflows in May, driven by North American and Asian divestment. Europe bucked the trend, remaining the only region to record inflows.

Key Takeaways

• 1.Global gold-backed ETFs recorded US$2bn in net outflows in May as investors remained sidelined.
• 2.Europe was the only region to register inflows, while North America and Asia experienced outflows.
• 3.Gold market liquidity remains robust, with daily trading volumes 15% above the 2025 average.

Table of Contents

• Gold ETF Commentary
• Highlights
• Regional overview
• Trading activity inches higher in May

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