World Gold Council – Gold ETF Commentary, Nov 2025

The report focuses on the performance and trends of global physically backed gold ETFs in November 2025.

Global gold ETFs recorded their sixth consecutive monthly inflow, adding US$5.2 billion in November. Total assets under management reached US$530 billion, marking a new month-end peak. Holdings rose to the highest month-end level ever at 3,932 tonnes. Asia led the inflows, dominating global gold ETF purchases, while North American inflows slowed but remained positive. European demand turned positive after previous declines. Gold market trading volumes decreased by 26% month-over-month, and the gold price increased by 4.5%, supported by expectations of a Federal Reserve rate cut and softer inflation data.