China-led funds spur largest monthly inflow into gold ETFs in three years

The inflow into physically backed gold exchange-traded funds in April was the largest since March, 2022, with China-listed funds leading the move due to the country's trade war with the U.S., data from the World Gold Council showed on Thursday. The inflow intensified in April when the world's two largest economies exchanged tit-for-tat import tariffs, although investors seeking shelter from political and economic volatility were moving into gold ETFs since the start of 2025.

Gold ETFs saw an inflow of 115.3 metric tons worth $11.2 billion last month, the largest amount since March 2022, when global markets were grappling with the immediate consequences of Russia's invasion of Ukraine.

This move raised Gold ETFs' total holdings by 3.3% to 3,560.8 tons by the end of April, the largest amount since August 2022. Their record was 3,915 tons in October 2020.


China-listed funds led the inflow with 64.8 tons in April, while U.S.-listed funds drew 42.4 tons, the WGC said.

Apart from the trade wars and safe-haven demand, appetite for gold ETFs was driven by higher gold prices, which are up 28% so far this year after hitting a record high of $3,500 per troy ounce in April, it added.